Oil Search net profit three times higher

Company News

by Rachael Jones

Oil Search (ASX:OSH) have run through their operating results for last year at their Annual Meeting.

Net profit after tax of US$302 million in 2017 was more than three times higher than 2016 levels.

This reflected not only the highest oil and gas production in Oil Search’s history but also a recovery in global oil and gas prices. The average realised oil price was nearly US$56 per barrel, 24 per cent higher.

And late last year, the Company announced the proposed acquisition of oil assets in the Alaska North Slope for US$400 million.

The acquisition was completed in February this year and Oil Search assumed operatorship in March.

They noted this purchase may have been a surprise to some shareholders.

Shares in Oil Search (ASX:OSH) are up 0.24 per cent to $8.50
 

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