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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Oil Search Limited    OSH   PG0008579883

OIL SEARCH LIMITED

(OSH)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 03/08
4.57 AUD   +3.39%
03/07Australia stocks rise on U.S. stimulus, economic recovery hopes
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03/04Australian shares skid as concerns over bond yields persist
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03/04OIL SEARCH  : Appendix 3G
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Oil Search focuses on Alaska stake sale after eking out profit for 2020

02/23/2021 | 02:12am EST

MELBOURNE (Reuters) - Oil Search posted a surprise annual core profit on Tuesday as the Papua New Guinea-focused oil and gas producer aggressively cut costs to overcome a coronavirus-induced price slump.

The price collapse forced the company to cut jobs, raise cash and write off the value of some exploration assets, which helped it avert a loss and pay a small dividend of 0.5 cent a share.

"Whilst modest, it reflects an increasing confidence in our business and the demand outlook going forward," Managing Director Keiran Wulff told analysts.

Its battered shares rose as much as 9% on the better-than-expected result and a jump in oil prices overnight.

Oil Search's main challenge this year is to sell a 15% stake in its $3 billion Pikka oil project in Alaska, where it has shifted its focus as its growth projects in Papua New Guinea (PNG) have been delayed.

It is developing Pikka with Spain's Repsol, targeting a final investment decision in late 2021. They aim to start production in 2025 at 80,000 barrels per day.

Oil Search and Repsol will start a formal sale process in April after sounding out companies which have already expressed interest in the project, Wulff said. Repsol is looking to sell a 14% stake.

Wulff is confident there will be bidders willing to work in the Artic - a region shunned by some companies due to environmental concerns - as it is a conventional oil project with good growth potential.

"It's almost binary -- you're either interested in the Arctic or you're not. And those that are, are now seriously looking at the quality of this project going forward," Wulff said.

He did not rule out selling a stake in its PNG assets to help fund the Alaskan project.

Oil Search's core net profit after tax in 2020 fell to $22.0 million from $320.9 million a year earlier. Analysts had expected a core loss of $24.7 million, according to Refinitiv IBES.

(Reporting by Sameer Manekar in Bengaluru; Editing by Shailesh Kuber and Subhranshu Sahu)

By Sonali Paul and Sameer Manekar


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -3.58% 67.88 Delayed Quote.29.98%
OIL SEARCH LIMITED 3.39% 4.57 End-of-day quote.23.18%
REPSOL S.A. -2.60% 10.68 Delayed Quote.32.91%
WTI -3.62% 64.66 Delayed Quote.33.26%
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Financials
Sales 2021 1 747 M 1 337 M 1 337 M
Net income 2021 307 M 235 M 235 M
Net Debt 2021 2 772 M 2 122 M 2 122 M
P/E ratio 2021 30,1x
Yield 2021 1,26%
Capitalization 9 496 M 7 288 M 7 270 M
EV / Sales 2021 7,02x
EV / Sales 2022 6,34x
Nbr of Employees 1 243
Free-Float 99,2%
Chart OIL SEARCH LIMITED
Duration : Period :
Oil Search Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends OIL SEARCH LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 4,57 AUD
Last Close Price 4,57 AUD
Spread / Highest target 30,2%
Spread / Average Target 0,00%
Spread / Lowest Target -23,4%
EPS Revisions
Managers and Directors
NameTitle
Kieran John Wulff Managing Director & Director
Stephen W. Gardiner Chief Financial Officer
Richard John Lee Chairman
Beth White Executive VP-Sustainability & Technology
Kostas Goerge Constantinou Independent Non-Executive Director
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