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Santos lifts half year net profit by 155% to $504 million; Underlying net profit up 12% to $236 million

Santos today announced a net profit of $504 million after tax for the half-year ended 30 June 2011, 155% higher than the previous first half.

The 2011 headline result includes a $246 million profit after tax from asset sales, including the sale of a 15% interest in the GLNG project to Total and KOGAS announced in December 2010 and completed in the current half-year.

Underlying net profit was up 12% to $236 million primarily due to lower production costs and exploration expense, and higher net finance income as interest associated with development projects was capitalised.

Production of 22.9 million barrels of oil equivalent (mmboe) was 5% lower than the 2010 first half. Key factors impacting production were Santos’ share of GLNG reducing from 60% to 30% following the sale of interests to Total and KOGAS, combined with lower Western Australian gas production primarily due to adverse weather and additional maintenance.

First half sales revenue of $1.1 billion was in line with the corresponding period. The favourable impact of higher commodity prices in the first half was offset by the stronger Australian dollar and lower sales volumes.

Half year results Highlights

  • Production 22.9 mmboe, down 5%
  • Sales volumes 27.6 mmboe, down 3%
  • Average A$ oil and gas prices up 32% and 1% respectively
  • Sales revenue $1,101 million, up 1%
  • EBITDAX $1,089 million, up 66%
  • Net profit after tax $504 million, up 155%
  • Underlying net profit after tax $236 million, up 12%
  • Operating cash flow $681 million, up 27%
  • Strong balance sheet: $6.7 billion of funding capacity
  • Interim dividend of 15 cents per share fully franked with underwritten DRP