Oil Search: Result 2012

Operating results are insignificant against progress of the giant PNG LNG project, where expansion is increasingly likely.

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).

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