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Santos reports $102 million net profit for the first half of 2009

Santos today announced a net profit of $102 million after tax for the half year ended 30 June 2009, 66% lower than the previous half year.

Lower international crude oil, condensate and LPG prices had a significant impact on the first half result, reducing sales revenue by $450 million compared to last year.

Production of 26.6 million barrels of oil equivalent (mmboe) in the first half positions the company to meet its 2009 production guidance range of 53 to 56 mmboe. First half production was 4% lower than last year, primarily due to natural field decline and the sale of 40% of GLNG® to PETRONAS effective August 2008, partially offset by higher gas production in Western Australia and Indonesia.

Results Highlights

  • Average oil price down 39% to A$73.28 per barrel
  • Average gas price up 5% to A$4.19 per gigajoule
  • Production 26.6 mmboe, down 4%
  • Sales revenue $1,024 million, down 26%
  • EBITDAX $647 million, down 37%
  • Underlying net profit after tax $102 million, down 64%
  • Net profit after tax $102 million, down 66%
  • Operating cash flow $499 million, down 20%
  • Strong balance sheet: $3.6 billion of cash and funds on deposit
  • Interim dividend of 22 cents per share fully franked, unchanged from 2008