Higher oil prices boost Oil Search profit

Company News

by Anna Napoli

 Oil Search (ASX:OSH) has announced its half year results for financial year 2019 with net profit after tax increased rising by 13 per cent to US$341.2 million.

The company says it's a strong result given the temporary shut-down of it's PNG operations following an earthquake in February 2018.

Total revenue increased by 6 per cent to  US$1.54 billion.

Total sales decreased 17 per cent to 25 million barrels of oil (mmboe).

The company declared a total dividend (US cents per share) 10.5, up 11 per cent

Oil Search says stronger global oil and gas prices more than offset a 17 per cent decline in production and sales volumes.

Shares in Oil Search (ASX:OSH) are trading 1.10 per cent lower to $8.07.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.