Oil Search is confident of financing growth opportunities in Papua New Guinea without having to accept Woodside's $11.6 billion takeover offer.
The Papua New Guinea-focused company rejected Woodside's approach in September after its board decided the bid undervalued Oil Search.
Managing director Peter Botten on Tuesday said Woodside's "opportunistic" bid diluted the growth profile available to shareholders.
But he said Oil Search is still willing to consider other offers.
"The board remains open and willing to engage with and assess any proposals tabled in the future that reflect compelling value for Oil Search shareholders," Mr Botten said in the company's September quarter production report.
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It remains business as usual at Oil Search, he added, with a focus on creating value for shareholders.
"Oil Search is in a robust financial position and has access to competitively priced project finance for its LNG growth opportunities, which are operated by highly regarded global majors, ExxonMobil and Total," Mr Botten said.
The company's revenue fell three per cent in the September quarter to $US379 million ($A522.61 million), as energy prices dropped.
Production in the quarter rose to a record 7.42 million barrels of oil equivalent (mmboe).
Mr Botten said Oil Search was working to reduce operating and capital costs by 15 to 20 per cent from 2016, due to low energy prices.
The company's balance sheet and operating cash flows put it in a good position to withstand current prices, and capitalise on an oil price recovery, he said.
At the end of September, Oil Search had cash of $US866.9 million ($A1.20 billion) and debt of $US4.3 billion ($A5.93 billion).
Its shares were down 13 cents, or 1.8 per cent, at $7.29 at 1520 AEDT.
