Oil Search Limited Reports Revenue and Production Results for the First Quarter of 2015; Provides Production Guidance for the Year 2015
Apr 21 15
Oil Search Limited reported revenue and production results for the first quarter of 2015. For the quarter, the company reported total revenue for the quarter was USD 472.3 million, which was 16% lower than in the previous period's USD 562.1 million, reflecting the impact of the global downturn in oil prices on the company's LNG, gas, oil and condensate sales revenue.
For the quarter, the company reported total production in the first quarter of 2015 was 6.91 million barrels of oil-equivalent (mmboe), down 5% from 7.24 mmboe in the previous quarter. Production net to Oil Search from the PNG LNG Project was 5.27 mmboe (23.1 bcf LNG and 0.75 mmbbl liquids) while the base PNG oil and gas business contributed 1.64 mmboe.
For the year 2015, the company is on track to deliver 2015 production within the 26 mmboe to 28 mmboe guidance range.
Oil Search Limited Reports Consolidated and Parent Company Earnings Results for the Year Ended December 31, 2014
Apr 14 15
Oil Search Limited reported consolidated and parent company earnings results for the year ended December 31, 2014. For the year, the company reported consolidated revenue of $1,610,370,000 compared to $766,265,000 a year ago. Profit from operating activities was $714,587,000 compared to $395,022,000 a year ago. Profit before income tax was $584,992,000 compared to $379,870,000 a year ago. Net profit after tax was $353,218,000 compared to $205,722,000 a year ago. Total comprehensive income for the year was $344,107,000 compared to $201,312,000 a year ago. Diluted earnings per share were 23.77 cents compared to 15.30 cents a year ago. Net cash from operating activities was $992,304,000 compared to $366,804,000 a year ago. Payments for other plant and equipment were $12,499,000 compared to $12,060,000 a year ago. Payments for exploration and evaluation expenditure were $1,189,749,000 compared to $258,567,000 a year ago. Payments for development asset expenditure were $422,727,000 compared to $1,226,477,000 a year ago. Payments for producing asset expenditure were $101,897,000 compared to $154,623,000 a year ago. Net debt as at December 31, 2014 was $3,452,000,000 compared to $3,814,800,000 a year ago.
For the year, the company reported parent company profit from operating activities of $39,982,000 compared to $489,421,000 a year ago. Profit before income tax was $38,795,000 compared to $488,222,000 a year ago. Net profit after tax was $42,980,000 compared to $486,965,000 a year ago. Total comprehensive income for the year was $42,980,000 compared to $486,965,000 a year ago. Net cash from operating activities was $777,000 compared to $8,880,000 a year ago. Payments for exploration and evaluation expenditure were $910,976,000 compared to $41,010,000 a year ago.
Oil Search Ltd Completes First Phase of Ramu Power Project
Apr 1 15
Oil Search Ltd. announced that it is working closely with the PNG Government and government-owned PNG Power Ltd. (PPL) to make electricity available to people in the PNG Highlands regions, through the Ramu Power Project, a major multi-phase power delivery project. The first phase of the project, the start of continuous 24-hour power generation and supply to Tari, which is a major town about 50km northeast of the Hides gasfield, has been completed. This follows an upgrade of PPL's existing power plant in Tari, with assistance from Oil Search, and the signing of an agreement for Oil Search to provide fuel for the plant from its Hides GTE plant. Around-the-clock power generation will allow power to be transmitted to the Tari Rural Hospital, the local school, as well as enable further connections in Tari. Future phases of Oil Search and PPL's planned Ramu Power Project are expected to provide further infrastructure, including new transmission lines, and up to 100MW of additional electricity-generating capacity.