Oil Search half-year profit sinks 85% as pandemic batters oil

Aug 25 (Reuters) - Australia-listed Oil Search Ltd OSH.AX reported a half-year core profit on Tuesday that plunged 85%, hurt by a slump in oil prices as the coronavirus outbreak battered demand and halted economic activity across the globe.

The Papua New Guinea-focused oil and gas explorer's core profit after tax fell to $24.7 million for the six months ended June 30, from $165.2 million a year earlier.

(Reporting by A K Pranav and Soumyajit Saha in Bengaluru; Editing by Shounak Dasgupta)

((Soumyajit.Saha@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.