Oil Search profit down 8%, cuts dividend

Oil Search says its full year profit was down 8.0 per cent to $312 million ($A472.7 million) largely because of the fall in global energy prices.

The result missed consensus estimates of $366 million profit and came despite production rising 11 per cent to 27.9 million barrels of oil equivalent.

Oil Search declared a final dividend of 4.5 US cents per share, unfranked, down from 8.5 US cents a year ago.

At 1030 AEDT, Oil Search shares were down 4.1 per cent to $5.90 amid a broader market selloff.

AAP

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