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Reuters
Reuters
Business

Oil Search quarterly revenue plunges nearly 42%

Australia-listed Oil Search Ltd reported an almost 42% drop in fourth-quarter revenue on Wednesday, as prices for its key product liquefied natural gas remained subdued due to the COVID-19 pandemic.

The Papua New Guinea (PNG)-focused oil and gas explorer said revenue for the three months to December fell to $259.5 million, from $446.7 million a year earlier. RBC Capital Markets had expected a figure of $246 million.

(Reporting by Shruti Sonal and Nikhil Subba in Bengaluru; Editing by Aditya Soni)

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