With Oil Search on the brink of spectacular production growth from the Papua New Guinea LNG (PNG LNG) project, annual results from the existing business appear almost petty. Production dipped 5% to 6.4m barrels of oil equivalent (mmboe), generating revenue of US$725m, down 1% from last year. Reported net profit fell 13% to US$176m although results both last year and this year were muddied by minor impairment charges. On an underlying basis, net profit fell 35% to US$153m.
From underlying earnings per share of US$0.11, down 36%, a final dividend of US$0.02 was declared, taking full year dividends to US$0.04 (ex date 7 March).