Oil Search Limited reported production and earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total oil production of 1,022,000 bbls against 1,133,000 bbls a year ago. Total barrels of oil equivalent of 7,592,000 boe against 7,722,000 boe a year ago.

For the year, the company reported total oil production of 3,973,000 bbls against 5,022,000 bbls a year ago. Total barrels of oil equivalent of 30,314,000 boe against 30,245,000 boe a year ago.

For the quarter, the company reported total revenue of $389.0 million against $345.6 million a year ago. Net debt as on December 31, 2017 was $2,610.2 million against $3,076.6 million a year ago.

For the year, the company reported total revenue of $1,446.0 million against $1,235.9 million a year ago.

The company provided tax rate guidance for the year 2017 and provided production guidance for the year 2018. For the year 2017, $35.9 million of exploration and evaluation expenditure will be expensed for the full year, mainly related to Antelope Deep, seismic acquisition in Alaska and PNG as well as geological, geophysical and general and administration activities. The effective tax rate for the 2017 full year is expected to be in the range of 31%-34%.

For the year 2018, the company expects oil search operated PNG oil and gas of 4.5 mmboe to 5.5 mmboe. Expected total production of 28.5 mmboe to 30.5 mmboe.