10-23-2014, 09:56 AM
“The payment of a materially higher dividend will be our highest priority,” Papua New Guinea’s largest oil and gas producer said as its third-quarter sales more than tripled to $538.2 million. In August, it said it would pay an unchanged first-half dividend of 2 cents a share. The Exxon Mobil Corp.-led project in Papua New Guinea will also allow Oil Search to fund expansion, the company said following a review of its strategy. Oil Search has said that it that expects two or three more LNG production units to be built in the country with the development of InterOil Corp.’s Elk and Antelope discoveries.
Oil Search Boosts Dividends as Profits Surge on Exxon LNG Plant - Bloomberg