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    OSH   PG0008579883

OIL SEARCH LIMITED

(OSH)
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Oil Search maintains annual output target after upbeat quarterly revenue

07/26/2021 | 07:02pm EDT

* Q2 revenue up 38%

* Reaffirms 2021 production, costs forecasts

* Q2 production down ~10%

July 27 (Reuters) - Takeover target Oil Search on Tuesday reported a 38% jump in quarterly revenue and reaffirmed its annual production forecast, as rebounding demand for travel and industrial activity from reopening of economies strengthen oil prices.

Crude prices have soared more than 50% this year, fueling optimism about global oil demand returning to its pre-pandemic levels by next year.

For the quarter ended June 30, Oil Search recorded average realised oil and condensate prices of $71.55 per barrel, a more than three-fold jump from a year earlier, while realised LNG prices were 17.3% higher.

This boosted the Papua New Guinea-focused firm's operating revenue to $366.2 million, up from $266.2 million a year ago.

Oil Search earlier in the month rejected an A$8.8 billion ($6.50 billion) takeover approach from Santos Ltd, saying it was inadequate.

Oil Search's shares on Monday closed about 4% above Santos' offer price of about A$3.80 a share based on the gas producer's close - indicating investors expect a higher bid.

Oil Search, which is looking to sell a 15% stake in its $3 billion Pikka oil project in Alaska and a stake in the associated infrastructure, also said it will go ahead with a final investment decision for the project's first phase only when it has the right funding capacity in place.

Total production for the quarter came in at 6.59 million barrels of oil equivalent (mmboe), down from 7.29 mmboe a year earlier.

The company maintained its 2021 production forecast of 25.5 mmboe–28.5 mmboe and production costs of $10.50 per boe to $11.50 per boe. ($1 = 1.3545 Australian dollars) (Reporting by Sameer Manekar in Bengaluru and Sonali Paul in Melbourne; Editing by Shinjini Ganguli)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
OIL SEARCH LIMITED -3.12% 3.72 End-of-day quote.0.27%
SANTOS LIMITED -3.32% 6.12 End-of-day quote.-2.39%
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Financials (USD)
Sales 2021 1 541 M - -
Net income 2021 401 M - -
Net Debt 2021 2 230 M - -
P/E ratio 2021 14,0x
Yield 2021 2,89%
Capitalization 5 865 M 5 864 M -
EV / Sales 2021 5,25x
EV / Sales 2022 4,54x
Nbr of Employees 1 243
Free-Float 99,9%
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Technical analysis trends OIL SEARCH LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 2,70 $
Average target price 3,55 $
Spread / Average Target 31,3%
EPS Revisions
Managers and Directors
Peter J. Fredricson Chief Executive & Financial Officer
Richard John Lee Chairman
Beth White EVP-Group Finance, Sustainability & Technology
Agu Jan Kantsler Independent Non-Executive Director
Eileen Joy Doyle Independent Non-Executive Director
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