Oil Search Impresses on 2017 Cash Flows and Floats 8.0Mt PNG LNG Expansion Option
Our AUD 5.25 fair value estimate for Oil Search stands. Company rhetoric remains there is even more expansion potential in the wings, though a sated LNG market stays our hand for now. We agree expansion on PNG LNG is sensible, given it represents capital-efficient growth. However, we don’t see it as sufficient to drive a moat for the company as existing LNG trains went over budget. In our base case oil price regime, Oil Search is not expected to generate midcycle returns on invested capital abov...
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