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