Oil Search Limited reported earnings, sales and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenue of USD 262.8 million as compared to USD 332.5 million for the same period last year. Total barrels of oil equivalent sold in the second quarter of 2018 were 4,647,000 boe as compared to 6,960,000 boe for the same period last year.

For the six months, the company reported total revenue of USD 557.8 million as compared to USD 676.2 million for the same period last year. Total barrels of oil equivalent sold in the six months of 2018 were 9,766,000 boe as compared to 14,179,000 boe for the same period last year.

Total production in the second quarter of 2018 was 5.40 million barrels of oil equivalent (mmboe), 12% higher than in the first quarter, reflecting the recommencement of production following the February PNG Highlands earthquake, as compared to 7,239,000 boe for the same period last year. Total oil production was 366,000 bbls against 858,000 bbls a year ago.

Total barrels of oil equivalent in the six months of 2018 was 10,239,000 boe as compared to 14,812,000 boe for the same period last year. Total oil production was 906,000 bbls against 1,918,000 bbls a year ago.


For the first half of 2018, depreciation and amortisation is expected to be towards the upper end of the USD 12 to USD 13 per boe full year guidance range. The effective tax rate is expected to be in the range of 33% to 36%, higher than the statutory rate of 30% due to some.

2018 full year guidance is unchanged, with production expected to be 23.0 mmboe to 26.0 mmboe, depreciation and amortization of USD 12 to USD 13 per boe and total capital expenditure USD 425 million to USD 520 million (excluding the cost of the Alaskan acquisition).