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  2017 201620152014201320122011201020092008
INCOME STATEMENT1US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000
Revenue 1,446,001 1,235,908 1,585,728 1,610,370 766,265 724,619 732,869 583,560 512,154 814,330
Production costs (262,813) (257,104) (294,818) (235,380) (126,442) (112,042) (93,919) (87,770) (84,104) (92,870)
Other operating costs (141,056) (131,721) (154,469) (125,769) (87,392) (88,244) (53,362) (24,078) (18,663) (23,399)
Other income 9,969 5,120 14,841 7,762 216 45,079  138 3,158 14,914 126,145
EBITDAX31,052,101 852,203 1,151,282 1,256,983 552,647 569,412 585,726 474,870 424,301 824,206
Depreciation and amortisation (380,571) (436,702) (407,753) (252,671) (50,201) (49,457) (51,307) (49,874) (105,416) (127,230)
Exploration costs expensed (35,928) (53,164) (50,889) (109,132) (107,424) (143,970) (60,633) (131,188) (75,729) (91,234)
InterOil break-fee (net) - 18,694 - - - - - - - -
EBIT 635,602 381,031 692,640 895,180 395,022 375,985 473,786 293,808 243,156 605,742
Net finance (costs)/income (194,728) (195,999) (185,114) (129,595) (15,152) (4,557) (658) (826) (3,326) 6,093
Acquisition accounting adjustment - - - - - - - - - -
Net impairment (losses)/reversals - - (399,271) (180,593) - (23,793) (33,227) (15,808) - (91,530)
Profit before income tax 440,874 185,032 108,255 584,992 379,870 347,635 439,901 277,174 239,830 520,305
Income tax expense (138,782) (95,237) (147,636) (231,774) (174,148) (171,801) (237,418) (91,572) (106,150) (206,943)
Reported NPAT 302,092 89,795 (39,381) 353,218 205,722 175,834 202,483 185,602 133,680 313,362
Significant items (net) - 16,906 399,271 180,593 - 22,796 (33,227) 41,488 34,058 73,396
Core Profit 302,092 106,701 359,890 533,811 205,722 198,630 169,256 227,090 167,738 386,758
Dividends paid -  ordinary (99,014) (76,135) (274,085) (60,308) (53,532) (53,143) (52,663) (52,087) (67,359) (89,415)
 
BALANCE SHEET
Total assets 10,512,498 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
Total cash 1,015,246 862,748 910,479 960,166 209,661 488,274 1,047,463 1,263,589 1,288,077 534,928
Total debt 3,758,906 4,074,781 4,302,650 4,421,065 4,024,421 2,866,050 1,747,567 929,720 - -
Shareholders' equity 4,937,754 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
 
OTHER INFORMATION
Average realised oil and condensate price (US$/bbl) 55.68 45.04 51.36 99.79 110.73 113.97 116.09 80.19 65.40 100.10
Average realised LNG and gas price (US$/mmBtu) 7.67 6.36 9.44 13.94 -   -   -   -   -   -  
           
Net annual oil and condensate production (mmbbl) 7.56 8.58 8.89 7.93 5.82 5.50 5.76 6.77 7.20 7.71
Net annual gas production (bcf)4116.04 110.46 103.84 57.87 5.51 5.27 5.56 5.35 5.52 5.35
Total net annual production (mmboe)30.3 30.24 29.25 19.27 6.74 6.38 6.69 7.66 8.12 8.58
           
Exploration and evaluation expenditure incurred (US$’000) 169,544 151,761 275,699 1,246,939 293,985 240,615 144,606 175,980 438,922 257,286
Assets in development expenditure incurred (US$’000) 30,102 9,611 135,211 502,566 1,214,615 1,492,529 1,286,542 1,139,058 - 4,214
Producing assets expenditure incurred (US$’000) 40,654 38,250 111,830 105,677 152,600 111,498 129,396 41,850 142,325 157,584
           
Operating cash flow (US$‘000) 843,585 555,116 952,739 992,304 366,804 196,226 386,193 346,675 284,099 507,423
Operating cash flow per ordinary share (US cents) 55.40 36.46 62.57 65.16 27.39 14.75 29.3 26.5 24.5 45.3
Diluted EPS (after significant items) (US cents) 19.8 5.9 -2.6 23.8 15.3 13.2 15.3 14.1 11.5 27.8
Diluted EPS (before significant items) (US cents) 19.8 7.0 23.6 32.6 15.4 11.5 17.9 11.0 8.6 21.4
Ordinary dividend per share (US cents) 9.5 3.5 10.0 10.0 4.0 4.0 4.0 4.0 4.0 8.0
Special dividend per share (US cents) - - - 4.0 - - - - - -
           
Gearing (%)537.0% 40.5% 41.9% 40.8% 52.7% 42.6% 18.8% - - -
Return on average shareholders' funds (%) 9.1% 3.9% 2.2% 8.4% 6.2% 5.6% 7.0% 6.9% 6.4% 21.0%
           
Number of issued shares - ordinary (000's) 1,5223,631 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
 
SOCIAL RESPONSIBILITY
Total paid to PNG Government (US$’000) 62,728 68,279 97,843 239,606 234,371 300,229 260,497 183,051 143,865 n/a
Total invested in sustainable development (US$‘000) 14,974 13,934 9591 7807 8170 6582 6303 3200 3100 n/a
Total Recordable Injury Rate (per million hours worked) 1.93 1.53 1.91 1.97 2.47 2.64 1.85 1.96 1.16 n/a
Number of significant spills 0 0 0 0 0 0 0 0 0 n/a
Total greenhouse gas emissions ((ktCO2-e ) 962 941 958 830 898 918 1021 1105 1405 n/a
Greenhouse gas emmisions intensity (ktCO2-e /mmboe)650 46 48 55 73 80 85 78 93 n/a
Total number of employees 1,286 1206 1334 1701 1515 1200 1124 1041 970 n/a
Females in senior management7 (%) 22 21 18 15 14 13 10 6 5 n/a
PNG nationals in senior management7 (%) 23 23 21 16 21 22 23 23 25 n/a

(1) Prior year comparatives have been restated where necessary, in order to achieve consistency with current year disclosures.
(2) Reflects changes in accounting policies.
(3) Earnings before interest, borrowing costs, tax, depreciation and amortisation, exploration and business development costs expensed.
(4) Hides gas production for 2008 onwards includes vent gas. Vent gas was not previously reported prior to 2008.
(5) Net debt/(net debt & shareholders funds).
(6) Intensity is calculated by dividing total GHG (scope 1 and 2) emissions by gross total production. Gross production is based on operational control  
(e.g. total usable hydrocarbon production from Oil Search controlled operations only), as compared to equity based production figures.
(7) Includes all senior managers, technical experts and executives.