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OISHF - Oil Search Can Increase 2019 Profit By ~40%
Oil Search Ltd
In 2018, an upstream LNG-focused company Oil Search (OISHY, OISHF) grappled with a severe challenge. The strike of the Highlands earthquake in Papua New Guinea and numerous aftershocks in late February caused production shutdown. As a result, only 99 cargoes of LNG were delivered in the previous year compared to 110 in 2017. The calamity put pressure on operating profitability, as unit production costs grew to $11.51 per barrel of oil equivalent. The firm has not fully recovered from the strike yet; return to the 2017 output is expected only in 2H19