No Sand in the Works as OSH Holders Endorse Bid
Oil Search shareholders overwhelmingly endorsed the marriage to Santos yesterday, putting the lie to all the media stories about how some would try to vote it down.
Read MoreTag: OSH
Resource Nuggets: GOR, MIN, PLS, OSH
Plenty of news from the resources sector on Tuesday, here are the details of key announcements made by Gold Road Resources, Mineral Resources, Pilbara Minerals and Oil Search.
Read MoreGods Smiling on Marriages Made in Heaven
The gods are smiling on our two big energy sector marriages – BHP selling its oil and gas operations to Woodside and its own shareholders, and the Santos swallowing of Oil Search.
Read MoreSantos-Oil Search Merger Finalised
Santos and Oil Search have finalised their $21 billion merger after announcements to the ASX on Friday.
Read MoreOSH – UBS rates the stock as Buy
Buy rating and $4.65 target maintained.
Read MoreReporting Snippets: OSH, KGN
A quick peek at the profit reports released this morning by Oil Search and Kogan.
Read MoreOSH – UBS rates the stock as Buy
The broker believes the market is currently undervaluing the Oil Search portfolio, although recognises the growth projects are more likely to achieve full value as part of a merged business. Buy rating and $4.65 target maintained.
Read MoreOil Search, Santos One Step Closer to the Altar
Santos and Oil Search have agreed to marry after a fortnight of horse trading over the terms of the $21 billion relationship that will see Santos acquire Oil Search in an all-paper transaction.
Read MoreOSH – Credit Suisse rates the stock as Neutral
The broker maintains a Neutral rating, cutting its target to $3.82 from $3.86.
Read MoreOil Search Does its Takeover Chances No Harm
Takeover target (according to rival Santos) Oil Search saw a 21.5% jump in June quarter revenues despite a production dip in the three months.
Read MoreOSH – UBS rates the stock as Buy
Buy rating and $4.60 target unchanged.
Read MoreSantos Confirms Oil Search Interest
After Oil Search admitted on Tuesday morning it had recently rejected a takeover approach, Santos issued a statement revealing its proposed $4.25 per share offer.
Read MoreOSH – UBS rates the stock as Upgrade to Buy
UBS upgrades to Buy from Neutral, assessing the outlook for oil demand is improving and Oil Search has the highest leverage to a forecast oil price recovery. Target is reduced to $4.50 from $4.60.
Read MoreOSH – Morgans rates the stock as Hold
The commodities team at Morgans upgrades oil price forecasts for the sector for 2021-2023 following a surprise move from OPEC to maintain supply cuts in April and the ongoing recovery of oil market fundamentals. Hold rating and target increases to $4.40 from $4.20.
Read MoreOil Search Emerges from 2020 Leaner and Meaner
Like its peers Santos and Woodside, Oil Search has emerged from a challenging year in 2020 considerably slimmer, with a big blob of red ink on the books, and back in favour again.
Read MoreBullish View Opens Up For Oil
A robust outlook for oil prices is emerging after a volatile and difficult 2020, as high levels of inventory are wound back and producers adjust to the absence of supply investment
Read MoreNo Dividend For Shareholders As Oil Search Dives Deep Into The Red
Oil Search has completed the bad news from the ASX’s oil and gas sector with news of an 85% slump in interim profit and no dividend for the six months to June.
Read More“Sub-Optimal Economics”: Oil Search Writes Down PNG Assets
Oil Search yesterday warned of a multi-million-dollar asset impairment charge in an update to the ASX. A strategic review found that a number of assets in PNG were now of low priority either due to lower prospectivity or less than optimum project economics, Oil Search said. As a result, would not be currently pursued.
Read MoreOil Search Wields The Axe On The Back Of Crude Crunch
Earlier this year Oil Search revealed big cuts in investment and other spending as global oil prices collapsed, taking LNG prices with them. The cuts were so deep that to achieve them, the company would have cut staff.
Read MoreOSH – UBS rates the stock as Buy
Oil Search has announced a US$700m capital raising at $2.10 a share as well as a nine-month extension to its US$300m facility. Production and capital guidance has been maintained.
Read MoreOil Search Promises Deep Cuts In The Chase For Fresh Capital
Oil Search wants $US700 million (A$1.16 billion) from institutional shareholders to increase liquidity so the company can get through the current oil price slump.
Read MoreVirus Turmoil: Oil Search, Flight Centre, Qantas, Kathmandu, REA Group, Ramsay Health, Aristocrat
Yesterday saw a host of downgrades and other poor news from ASX companies of all sizes – all understandable in the current terrible investment climate as the combination of the coronavirus pandemic and the idiotic price war in oil between Russia and Saudi Arabia wreck market confidence and share price.
Read MoreLower LNG Prices Sees Oil Search Cut Dividend
Oil Search has cut its final dividend after reporting an 8.4% fall in full-year profit to $US312.4 million ($A472.7 million). Directors largely blamed the fall in global energy prices, especially LNG towards the end of the year.
Read MoreOSH – Citi rates the stock as Neutral
An agreement on fiscal terms for the P’nyang project has not been forthcoming. Papua LNG is now the sole focus. Citi notes Papua LNG will need to renegotiate its commercial terms with PNG LNG and re-engineer the downstream.
Read MoreOil Search Shares Tank After PNG Talk Unravel
Oil Search shares dropped more than 11% at one stage on the ASX yesterday after negotiations on developing a new gas field in Papua New Guinea collapsed at the weekend.
Read MoreOSH – Credit Suisse rates the stock as Underperform
The company has guided to around 8.4mtpa in 2020 because of turbine maintenance on one LNG train. Similar maintenance will be undertaken on the second train in 2021.
Read MoreOil Search Looks For Answers As Production Slips, PNG Talks Stall
Oil Search shares fell more than 8% after it released a weak quarterly update and forecast for 2020 at the same time global markets sold off on fears the coronavirus scandal in China was out of control and would whack global demand for oil and gas.
Read MoreOSH – UBS rates the stock as Neutral
UBS notes the negotiations over the P’nyang gas agreement are close to finalisation and fiscal terms are expected to mirror the Papua LNG agreement.
Read MoreOSH – Credit Suisse rates the stock as Underperform
Production in the September quarter was down -1% because of the mooring damage. The company has revised 2019 guidance, reducing production volumes by -5%. Unit production costs are up 9%, driven by lower production volumes and higher repair costs.
Read MoreOil Search Cuts Outlook As PNG Problems Resurface
More problems for Oil Search in Papua New Guinea. Twenty months ago it was a massive earthquake in western Papua New Guinea that cut production and sales of gas (and LNG) and oil and impacted earnings for much of 2018.
Read MoreMaterial Matters: Iron Ore, Coal & Rutile
A glance through the latest expert views and predictions about commodities. China infrastructure; iron ore miners; Indian industry; coking coal; oil; and rutile.
Read MoreOSH – Citi rates the stock as Neutral
The PNG petroleum minister has stated the government intends to honour the existing Papua LNG gas agreement.
Read MorePNG Problems See Oil Search Miss Expectations
Oil Search disappointed the market yesterday with its June quarter and half year production and sales report, missing market forecasts which saw the shares fall 2.2% to $7.18.
Read MoreOSH – Citi rates the stock as Sell
Oil Search will exercise its option to increase its equity interest in the Alaskan assets to 51% from 25%. Citi currently expects the company will need to raise US$200-500m in new equity in 2020, depending on the tolerance for corporate debt and discretionary expenditure.
Read MoreSofter Energy Prices, LNG Shipments Sink Oil Search
Timing differences with LNG shipments and weak oil and gas prices saw first-quarter revenues fall 21% for Oil Search despite a sharp rebound in production from the earthquake hit the first quarter of 2018.
Read MoreOil Search Doubles Down On PNG LNG
Oil Search is moving ahead with a new gas processing plant at its LNG operation in Papua New Guinea after it a 13% rise in full-year net profit thanks to the rise in oil prices in 2018 that was snuffed out in the final quarter of the year.
Read MoreOil Search Outlook Underwhelms
Oil Search shares fell on Tuesday after its Q4 and 2018 performance came in a bit lower than optimistic analysts forecasts and its guidance for the coming year was weaker than analysts had wanted to see.
Read MorePNG LNG Recovery Drives Oil Search Revenue Jump
The recovery in the operations at PNGLNG from the hiatus earlier in the year after the big earthquakes in Papua New Guinea has seen Oil Search has nearly doubled its third-quarter revenue over the previous quarter.
Read MorePNG Quake Rocks Oil Search Annual Result
The impact of the February earthquake in Papua New Guinea slashed Oil Search’s interim profit, forcing it to halve its interim dividend to conserve cash.
Read MoreOil Search Confirms Revenue Hit From PNG Quake
Oil Search has confirmed the damage done to its finances by the severe earthquakes in Papua New Guinea in February with an 18% fall in first half revenue.
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