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Santos reports 94% lift in half year net profit to $198 million

Santos today announced a net profit of $198 million after tax for the half year ended 30 June 2010, up 94% on the previous half year.

Profit was up due to higher product prices and lower exploration expense, partly offset by asset impairments of $25 million after tax.

Underlying net profit of $210 million for the half year was up 121% on the previous half year.

First half production of 24.2 million barrels of oil equivalent (mmboe) was 9% lower compared to the first half of 2009, primarily due to wet weather and flood events in Central Australia impacting Cooper Basin operations, partially offset by stronger gas production in Western Australia and Indonesia.

Sales volumes for the first half of 28.5 mmboe were in line with the first half of 2009. Withdrawal of gas from storage supplemented by gas purchases were utilised to meet customer gas demand ex the Cooper Basin.

Higher commodity prices were evident across the Santos portfolio in the first half of 2010 and drove sales revenue to $1.1 billion, 7% higher than the first half of 2009.

Results Highlights

  • Average oil price A$86.99 per barrel, up 19%
  • Production 24.2 mmboe, down 9%
  • Sales 28.5 mmboe, down 2%
  • Sales revenue $1,091 million, up 7%
  • EBITDAX $655 million, up 1%
  • Net profit after tax $198 million, up 94%
  • Underlying net profit after tax $210 million, up 121%
  • Operating cash flow $537 million, up 8%
  • Strong balance sheet: $6.4 billion of available funding capacity
  • Interim dividend 22 cents per share fully franked, unchanged from 2009