Oil Search US$175.8m Profit Down 13% FY2012

Oil Search (ASX:OSH) have announced its full year financial results for 2012 to its shareholders and investors on the Australian stockmarket.

• Oil Search have posted a Net Profit of US$175.8 million for the 2012 financial year, down 13 percent on $202.5 million in 2011.
• OSH revenue fell to US$724.6 million from US$ 732.9 million.
• Oil Search managing director Peter Botten said, "This was largely driven by higher exploration expense, of $US144 million ($140.40 million) compared to $US60.6 million in 2011."
• OSH forecast production of 6.2 to 6.7 million barrels of oil equivalent (mmboe) for 2013, 2012 produced 6.4 mmboe.
• Oil Search underlying operating costs are forecast to between US$24 and US$26 per mmboe, compared to US$24.82 per mmboe in 2012.
• Oil Search have declared a final dividend of 4 cents per share. Full year dividend distribution was 4 cents per share, which was equal to the dividends paid out in 2011.
• Oil Search is an oil production and exploration company based in Papua New Guinea and has a 29 percent stake in the US$19 billion PNG LNG project. The PNG LNG project is 75 percent complete at the end of 2012. The PNG government owns 15 percent of the project, 11 percent owned by Capital Group (London based fund manager). The project is led by ExxonMobil.