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

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.