Oil Search Ltd (ASX:OSH) has recorded a 39 per cent jump in its net profit for the 2010 financial year.
The oil and gas field explorer says the result was due to a 23 per cent rise in the average realised oil price and a one-off restatement of deferred tax, which more than offset 7 per cent lower oil sales volumes.
In the 2010 calendar year, revenue from operations rose 14 per cent to $635 million.
Looking ahead Oil Search has cautioned that production levels will be somewhat flat, until production starts at its Papua New Guinea liquefied natural gas project in 2014.
The company has declared a final dividend of $US0.02 per share.
Following the news yesterday, shares in Oil Search rose to a record high of $7.21, before easing 0.43 per cent to close at $7.01.
In the year to 31 December 2010, Oil Search posted a net profit of $182.6 million.
