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 2020201920182017201620152014201320122011
INCOME STATEMENT1US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000US$ 000
Revenue 1,074,1531,584,808   1,535,761 1,446,001 1,235,908 1,585,728 1,610,370 766,265 724,619 732,869
Production costs (289,215)(348,742) (290,027) (262,813) (257,104) (294,818) (235,380) (126,442) (112,042) (93,919)
Other operating costs (122,043)(157,336) (145,314) (141,056) (131,721) (154,469) (125,769) (87,392) (88,244) (53,362)
Other income 58,12467,169 9,579 9,969 5,120 14,841 7,762 216 45,079  138
EBITDAX2721,0191,145,8991,109,999 1,052,101 852,203 1,151,282 1,256,983 552,647 569,412 585,726
Depreciation and amortisation (423,799)(413,710) (326,094) (380,571) (436,702) (407,753) (252,671) (50,201) (49,457) (51,307)
Exploration costs expensed (103,347)(47,260) (66,663) (35,928) (53,164) (50,889) (109,132) (107,424) (143,970) (60,633)
Proposed InterOil acquisition -- - - 18,694 - - - - -
Share of net profit from investment in joint ventures75,091627--------
Net impairment (losses)/reversals7(374,207)(5,865)---(399,271)(180,593)-(23,793)(33,227)
EBIT (175,243)684,929717,242 635,602 381,031 692,640 895,180 395,022 375,985 473,786
Net finance (costs)/income (190,361)(230,961) (209,850) (194,728) (195,999) (185,114) (129,595) (15,152) (4,557) (658)
Profit/(loss) before income tax (365,604)448,730507,392 440,874 185,032 108,255 584,992 379,870 347,635 439,901
Income tax expense 44,947(136,310) (166,190) (138,782) (95,237) (147,636) (231,774) (174,148) (171,801) (237,418)
Net profit after tax, significant items (NPAT)(320,657)312,420341,202 302,092 89,795 (39,381) 353,218 205,722 175,834 202,483
Significant items 342,6818,479 - - 16,906 399,271 180,593 - 22,796 (33,227)
Net profit after tax, before significant items  (Core NPAT)22,024320,899341,202 302,092 106,701 359,890 533,811 205,722 198,630 169,256
Dividends paid (68,641)(205,746) (114,273) (99,014) (76,135) (274,085) (60,308) (53,532) (53,143) (52,663)
 
BALANCE SHEET
Total assets 11,388,26511,572,853 10,673,891 10,512,498 10,126,129 10,342,835 10,727,247 8,421,537 7,102,721 5,702,034
Total cash 540,842396,232 600,557 1,015,246 862,748 910,479 960,166 209,661 488,274 1,047,463
Total debt3 3,306,7943,794,582 3,424,774 3,758,906 4,074,781 4,302,650 4,421,065 4,024,421 2,866,050 1,747,567
Shareholders' equity 5,570,2995,258,411 5,165,618 4,937,754 4,725,316 4,709,362 5,025,476 3,421,052 3,208,346 3,017,232
 
OTHER INFORMATION
Average realised oil and condensate price (US$/bbl) 37.2262.86 70.65 55.68 45.04 51.36 99.79 110.73 113.97 116.09
Average realised LNG and gas price (US$/mmBtu) 6.499.58 10.06 7.67 6.36 9.44 13.94 -   -   -  
           
Net annual oil and condensate production (mmbbl) 5.714.83 5.03 7.56 8.58 8.89 7.93 5.82 5.50 5.76
Net annual gas produced for sale (bcf)117.41117.92 102.90 116.04 110.46 103.84 57.87 5.51 5.27 5.56
Total BOE net annual production (mmboe) 29.0227.95 25.2 30.3 30.24 29.25 19.27 6.74 6.38 6.69
           
Exploration and evaluation expenditure incurred (US$’000) 202,636700,010 714,796 169,544 151,761 275,699 1,246,939 293,985 240,615 144,606
Assets in development expenditure incurred (US$’000) 140,53645,039 36,797 30,102 9,611 135,211 502,566 1,214,615 1,492,529 1,286,542
Producing assets expenditure incurred (US$’000) 49,75981,108 21,723 40,654 38,250 111,830 105,677 152,600 111,498 129,396
           
Operating cash flow (US$‘000) 406,070752,354 854,632 843,585 555,116 952,739 992,304 366,804 196,226 386,193
Operating cash flow per ordinary share (US cents) 19.5449.49 56.10 55.40 36.46 62.57 65.16 27.39 14.75 29.3
Diluted EPS (after significant items) (US cents) (16.62)20.4 22.3 19.8 5.9 (2.6)  23.8 15.3 13.2 15.3
Basic EPS (before significant items) (US cents) (16.62)20.5 22.4 19.8 7.0 (2.6)  32.6 15.4 11.5 17.9
Ordinary dividend per share (US cents) 0.59.5 10.5 9.5 3.5 10.0 10.0 4.0 4.0 4.0
Special dividend per share (US cents) -- - - - - 4.0 - - -
           
Gearing (%)429.9%36.0% 35.3% 37.0% 40.5% 41.9% 40.8% 52.7% 42.6% 18.8%
Return on average shareholders' funds (%) (6.8%)8.6% 10.0% 9.1% 3.9% 2.2% 8.4% 6.2% 5.6% 7.0%
           
Number of ordinary fully paid shares (000's) 2,077,8511,524,747 1,523,631 1,523,631 1,522,693 1,522,693 1,522,693 1,343,361 1,334,757 1,325,155
 
EXCHANGE RATE
Year end
A$ : US$
0.7700.7010.7050.7790.7240.7310.8200.8951.0381.016
Average
A$ : US$
0.6910.6950.7480.7670.7440.7530.9030.9691.0371.032
 
SOCIAL RESPONSIBILITY
Total paid to PNG Government (US$’000) 60,45368,672 114,714 62,728 68,279 97,843 239,606 234,371 300,229 260,497
Total invested in sustainable development (US$‘000) 25,06935,407 66,017 14,974 13,934 9591 7807 8170 6582 6303
Total Recordable Injury Rate (per million hours worked) 0.941.70 1.58 1.93 1.53 1.91 1.97 2.47 2.64 1.85
Number of significant spills (>100 bbl) --
Total greenhouse gas emissions ((ktCO2-e ) 691598 570 962 941 958 830 898 918 1021
Greenhouse gas emmisions intensity (ktCO2-e /mmboe)54845 44 50 46 48 55 73 80 85
Total number of employees 1,2431,607 1,410 1,286 1,206 1,334 1,701 1,515 1,200 1,124
% Females in senior management
(%)6
2125 23 22 21 18 15 14 13 10
% PNG nationals in senior management
(%)
1716 20 23 23 21 16 21 22 23

(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) Total debt includes lease liability.
(4) Net debt / (net debt and shareholders’ funds). Net debt excludes lease liability presented as "Borrowings" in the Statement of Financial Position
(5)  Intensity is calculated by dividing total GHG (scope 1 and 2) emissions by gross total production.  Gross production is based on operational control  (eg. total usable hydrocarbon production from Oil Search controlled operations only, as compared to equity based production figures).
(6)  Includes all senior managers, technical experts and executives.
(7)  Reported below Earnings before interest and tax (EBIT) prior to 2020