Oil Search profits down but production guidance up 

OIL Search’s managing director Peter Botten can see a “strong recovery” on the horizon, he said this morning during a conference call to announce the oiler’s half year results. 

Oil Search profits down but production guidance up  Oil Search profits down but production guidance up  Oil Search profits down but production guidance up  Oil Search profits down but production guidance up  Oil Search profits down but production guidance up 

Botten with PNG PM Peter O'Neill

For a company with nearly every indicator down Botten is still optimistic given 
the company's strong balance sheet, planned Papua New Guinea expansions and hopes for Alaska. 
 
"There's only so many times you want to hear me say the numbers are down because of the earthquake," chief financial officer Stephen Gardiner said of the magnitude 7.5 earthquake that hit Papua New Guinea' Highlands, and which killed over 100.
 
The company said today it had a first half after tax net profit of US$79.2 million, 39% lower than the same period in the previous year as a result, while there was a 31% reduction in production and sales production of both Oil Search's own operated projects and ExxonMobil-led PNG LNG pr...