This morning Oil Search Limited (ASX: OSH) released its results for the half-year ending June 30, 2019. Below is a summary of the results with comparisons to the prior half year. All figures in US$.
- Revenue $776.9m, up 39%
- Net profit $162m, up 105%
- Operating cash flow $418.5m, up 72%
- Total barrels of oil equivalent (boe) sold 13.4m, up 37%
- Average realised LNG and gas price (US$/mmBtu) $9.71, up 8%
- Basic earnings per share 10.63c, up 104%
- Interim dividend 5cps, up 150%
- Net debt $2,581m, compared to $3,048m
- Cash on hand of $538m
The prior corresponding half was impacted by production disruption due to the PNG Highlands earthquake, which partly explains some of the strong production and earnings growth. The LNG giant is planning to invest further in developing production at its core PNG LNG assets and in Alaska where it has huge prospective tenements.
Oil Search reports on a calendar year basis and is forecasting production of 28 million to 31 million barrels of oil equivalent at an average production cost of US$11 to US$12 a barrel. Total capex is forecast to be between US$951 million to US$1,061 million.
Other major producers for anyone bullish on LNG prices include Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL).
Oil Search shares climbed 0.5% to $6.53 in trade today.
