Solid 4Q Gains for Oil Search Are Offset by a Rising Australian Dollar
We retain our AUD 5.25 per share fair value estimate for Oil Search. A stronger-than-expected fourth quarter and the time value of money are offset by a rise in the AUD/USD exchange rate to AUD 0.80 from 0.76. Our fair value estimate equates to a 2026 enterprise value/EBITDA exit multiple of 9.9, reduced to 6.8 if excluding the USD 1.6 billion, or AUD 1.30 per share, lump sum we ascribe for undeveloped Elk/Antelope gas resources. We still assume a midcycle USD 60 per barrel Brent crude price, bu...Oil Search is engaged in the exploration, development and production of oil and gas deposits in Papua New Guinea. This is carried out as both the operator of producing and exploration joint ventures and as a non-operator participant in exploration and production joint ventures. Co.'s properties include the Kutubu oil project, Central Moran oil project, Gobe oil project, Hides GTE project, SE Mananda field, and Nabrajah. Co. also has interests in seven concession areas in Yemen, three concession areas in Egypt, and one concession area in Libya. Co. maintains operations in Papua New Guinea, Yemen, Egypt, Libya, Iraq, Tunisia, and Australia.
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