Oil Search's year-on-year production was flat in 2017, growing less than 1 per cent from 30.25 million barrels of oil equivalent (MMboe) in 2016 to 30.31 MMboe in 2017, however revenues rose 17 per cent.

Higher revenue was due to stronger than expected oil prices, which leapt above $US60 a barrel late last year.

"Our realised oil and condensate price in the fourth quarter was $US63.05 per barrel, up 20 per cent on the third quarter, reflecting the strength in global oil prices," Oil Search managing director Peter Botten said.

"This, together with a 5 per cent increase in our realised LNG and gas price, helped lift fourth quarter revenue to $US389 million, driving total revenue for the year to $US1.45 billion, 17 per cent higher than 2017."

Despite fairly flat production, it was still a company record, reaching the top end of its guidance.

Oil Search has also sped up the development of its Alaskan assets.

In November last year the company acquired a number of assets, worth around $US400 million, across the Alaska North Slope in the Nanushuk oil fields.

It will now take over these operations in the first quarter of 2018, and make an appraisal before making a final investment decision (FID) late next year.

RBC Capital Markets had a mixed view on Oil Search's performance, saying that while fourth quarter performance was in line with expectations, the CY18 production guidance was softer than RBC's original estimates.

Analyst Ben Wilson said this was due to lower guidance from its PNG LNG operations, which underwent maintenance and site upgrades.

Mr Wilson was positive on Oil Search's recent Alaskan acquisitions, saying, "The target of finanl investment decision by late 2019 in Alaska is slightly ahead of previous guidance of between late 2019 and early 2020."

Fat Prophets analyst David Lennox said the results were "pretty ho-hum".

"Looking at their financial side, all we can say is thank god for higher oil prices, that's really the standout," Mr Lennox told Fairfax Media.

Wood Mackenzie Australasia oil and gas leader Saul Kavonic was more positive on its operations.

"Their challenge is that it is a one asset company. Although they are expanding PNG LNG, and we see the economics of this expansion looking solid, there are still a large degree of commercial arrangements they have to reach agreement on," he said.

Mr Kavonic said its Alaskan venture will be a proving ground for Oil Search and its ability to expand beyond PNG LNG.

"For their Alaskan assets, they opted to move from the tropics [of Papua New Guinea] to the freezing north," he said.

"It's obviously a step out from their core competencies, and they are really going to have to prove up their competency in what is a very challenging environment. Even the majors have issues up there, but smaller players can be more nimble."

Oil Search opened trading at $7.63 before slipping 0.6 per cent to $7.58 following the release of its results. It then spiked 2.1 per cent to a day trading high of $7.74, after which it settled to $7.68.

Earlier this month, the company twice traded at $08.05, a high point not reached since 2015.