Oil Search Limited
(ASX:OSH) has posted record annual production but warned it is reassessing future spending plans in the wake of the oil price plunging to six-year lows.
The company boosted oil output by 186 per cent to 19.27 million barrels of oil equivalent over the full 2014 calendar year. Revenue rose 110 per cent to $US1.61 billion.
The result was aided by its stake in the $US19 billion PNG LNG project in Papua New Guinea which welcomed the first shipment of liquefied natural gas in May.
Looking ahead Oil Search plans to provide updated guidance on its capital and operating expenditures when it releases its annual financial results next month.
Oil Search reported a net profit of almost $162 million in the first half of the 2014 calendar year.
