PNG February quake hits Oil Search profits

Company News

by Rachael Jones

Oil and gas company Oil Search (ASX:OSH) have seen a fall in their first-half profits of 39 per cent to US$79.2 million.

Revenue is down 17.5 per cent from US$557.8 million to US$676.2 million for the first half 2017.

This can be attributed to Papua New Guinea's devastating earthquake in back in February which took a toll on production and killed over 100 people.

Oil Search’s MD says all production facilities are now back online, a major achievement by them and ExxonMobil’s operational teams.

Oil Search declared an interim dividend of US2 cents, as expected, down from US4 cents a year earlier.

Shares in Oil Search (ASX:OSH) are trading 1.46 per cent lower to $9.09.

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.