Oil Search (ASX:OSH) share price lower on first quarter update

The Oil Search Ltd (ASX: OSH) share price is on the move today following the release of its first quarter update.

In early trade, the energy producer’s shares are down 1.5% to $3.72.

How did Oil Search perform during the first quarter?

For the three months ended 31 March, Oil Search’s total net production came in at 6.9 mmboe.

This was down 2.7% from the fourth quarter and 6.8% from the prior corresponding period. Management advised that production was impacted by an unplanned Hides shutdown.

However, thanks to a sharp rise in realised prices during the quarter, Oil Search recorded first quarter operating revenue of US$301.5 million.

This was up 16% from the fourth quarter. However, with LNG and gas prices still down…