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 2016201520142013201220112010200920082007
INCOME STATEMENT1US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000
Revenue 1,235,908 1,585,728 1,610,370 766,265 724,619 732,869 583,560 512,154 814,330 718,755
Production costs (257,104) (294,818) (235,380) (126,442) (112,042) (93,919) (87,770) (84,104) (92,870) (93,650)
Other operating costs (131,721) (154,469) (125,769) (87,392) (88,244) (53,362) (24,078) (18,663) (23,399) (26,209)
Other income 5,120 14,841 7,762 216 45,079  138 3,158 14,914 126,145 1,291
EBITDAX2 852,203 1,151,282 1,256,983 552,647 569,412 585,726 474,870 424,301 824,206 600,187
Depreciation and amortisation (436,702) (407,753) (252,671) (50,201) (49,457) (51,307) (49,874) (105,416) (127,230) (135,939)
Exploration costs expensed (53,164)asda (50,889) (109,132) (107,424) (143,970) (60,633) (131,188) (75,729) (91,234) (163,324)
InterOil break-fee (net) 18,694 - - - - - - - - -
EBIT 381,031 692,640 895,180 395,022 375,985 473,786 293,808 243,156 605,742 300,924
Net finance (costs)/income (195,999) (185,114) (129,595) (15,152) (4,557) (658) (826) (3,326) 6,093 22,791
Acquisition accounting adjustment - - - - - - - - - -
Net impairment (losses)/reversals - (399,271) (180,593) - (23,793) (33,227) (15,808) - (91,530) 129
Profit before income tax 185,032 108,255 584,992 379,870 347,635 439,901 277,174 239,830 520,305 323,844
Income tax expense (95,237) (147,636) (231,774) (174,148) (171,801) (237,418) (91,572) (106,150) (206,943) (185,972)
Reported NPAT 89,795 (39,381) 353,218 205,722 175,834 202,483 185,602 133,680 313,362 137,872
Significant items (net) 16,906 399,271 180,593 - 22,796 (33,227) 41,488 34,058 73,396 (3,621)
Core Profit 106,701 359,890 533,811 205,722 198,630 169,256 227,090 167,738 386,758 134,251
Dividends paid -  ordinary (76,135) (274,085) (60,308) (53,532) (53,143) (52,663) (52,087) (67,359) (89,415) (89,587)
 
BALANCE SHEET
Total assets 10,126,129 10,342,835 10,727,247 8,421,537 7,102,721 5,702,034 4,370,067 3,077,390 2,005,457 1,833,479
Total cash 862,748 910,479 960,166 209,661 488,274 1,047,463 1,263,589 1,288,077 534,928 343,578
Total debt 4,074,781 4,302,650 4,421,065 4,024,421 2,866,050 1,747,567 929,720 - - -
Shareholders' equity 4,725,316 4,709,362 5,025,476 3,421,052 3,208,346 3,017,232 2,798,467 2,593,181 1,593,227 1,389,132
 
OTHER INFORMATION
Average realised oil and condensate price (US$/bbl) 45.04 51.36 99.79 110.73 113.97 116.09 80.19 65.40 100.10 77.78
Average realised LNG and gas price (US$/mmBtu) 6.36 9.44 13.94 -   -   -   -   -   -   -  
           
Net annual oil and condensate production (mmbbl) 8.58 8.89 7.93 5.82 5.50 5.76 6.77 7.20 7.71 8.98
Net annual gas production (bcf)3 110.46 103.84 57.87 5.51 5.27 5.56 5.35 5.52 5.35 4.80
Total net annual production (mmboe)4 30.24 29.25 19.27 6.74 6.38 6.69 7.66 8.12 8.58 9.78
           
Exploration and evaluation expenditure incurred (US$’000) 151,761 275,699 1,246,939 293,985 240,615 144,606 175,980 438,922 257,286 222,391
Assets in development expenditure incurred (US$’000) 9,611 135,211 502,566 1,214,615 1,492,529 1,286,542 1,139,058 - 4,214 37,617
Producing assets expenditure incurred (US$’000) 38,250 111,830 105,677 152,600 111,498 129,396 41,850 142,325 157,584 57,219
           
Operating cash flow (US$‘000) 555,116 952,739 992,304 366,804 196,226 386,193 346,675 284,099 507,423 326,783
Operating cash flow per ordinary share (US cents) 36.46 62.57 65.16 27.39 14.75 29.3 26.5 24.5 45.3 29.2
Diluted EPS (after significant items) (US cents) 5.9 -2.6 23.8 15.3 13.2 15.3 14.1 11.5 27.8 12.2
Diluted EPS (before significant items) (US cents) 7.0 23.6 32.6 15.4 11.5 17.9 11.0 8.6 21.4 12.6
Ordinary dividend per share (US cents) 3.5 10.0 10.0 4.0 4.0 4.0 4.0 4.0 8.0 8.0
Special dividend per share (US cents) - - 4.0 - - - - - - -
           
Gearing (%)5 40.5% 41.9% 40.8% 52.7% 42.6% 18.8% - - - -
Return on average shareholders' funds (%) 3.9% 2.2% 8.4% 6.2% 5.6% 7.0% 6.9% 6.4% 21.0% 10.1%
           
Number of issued shares - ordinary (000's) 1,522,693 1,522,693 1,522,693 1,343,361 1,334,757 1,325,155 1,312,888 1,299,562 1,119,841 1,119,841
 
SOCIAL RESPONSIBILITY
Total paid to PNG Government (US$’000) 68,279 97,843 239,606 234,371 300,229 260,497 183,051 143,865 n/a  n/a 
Total invested in sustainable development (US$‘000) 13,934 9591 7807 8170 6582 6303 3200 3100 n/a  n/a 
Total Recordable Injury Rate (per million hours worked) 1.53 1.91 1.97 2.47 2.64 1.85 1.96 1.16 n/a  n/a 
Number of significant spills 0 0 0 0 0 0 0 0 n/a  n/a 
Total greenhouse gas emissions ((ktCO2-e ) 941 958 830 898 918 1021 1105 1405 n/a  n/a 
Greenhouse gas emmisions intensity (ktCO2-e /mmboe) 46 48 55 73 80 85 78 93 n/a  n/a 
Total number of employees 1206 1334 1701 1515 1200 1124 1041 970 n/a  n/a 
Females in senior management (%) 21 18 15 14 13 10 6 5 n/a  n/a 
PNG nationals in senior management (%) 23 21 16 21 22 23 23 25 n/a   n/a

1 Prior year comparatives have been restated where necessary, in order to achieve consistency with current year disclosures.
2 Earnings before interest, tax, depreciation and amortisation, impairment and exploration.
3 Hides gas production for 2008 onwards includes vent gas. Vent gas was not previously reported prior to 2008.
4 Gas and LNG volumes for 2014 onwards have been converted to barrels of oil equivalent using an Oil Search specific conversion factor of 5,100 scf = 1 boe, which represents a weighted average, based on Oil Search’s reserves portfolio, using the actual calorific value of each gas volume at its point of sale. The change to a specific boe conversion factor more closely reflects the energy content of the Company’s gas reserve portfolio compared to the previous conversion factor of 6,000 scf per boe. Note that prior year figures have not been restated. Minor variations to the conversion factors may occur over time.
5 Net debt / (net debt and shareholders funds).