Oil Search managing director Peter Botten says the company is prudent to plan for an extended period of oil prices at or around the current levels.
Announcing a net profit of US$227.5 million (K596.96m) today, Botten said Oil Search had been operating for about nine months in the new, lower oil and gas price environment.
“While there are varying views in the market on how long lower prices will prevail, we continue to believe it is prudent to plan for an extended period of oil prices at or around current levels.
“Oil Search is fortunate to be well placed financially, having production assets that are highly profitable at these oil and gas price levels and a strong balance sheet and liquidity.
“Nonetheless, we have an ongoing focus on careful capital management, to ensure our current commitments and growth opportunities can be funded,” he said.