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Summary

Santos today announced a first half net profit of $271 million after tax, 3% higher than the corresponding period.

Santos reports 3% lift in first half profit to $271 million

Santos today announced a first half net profit of $271 million after tax, 3% higher than the corresponding period.

The headline result reflects record sales revenue driven by higher crude oil sales volumes and gas prices, impairment reversals and lower production costs, partially offset by lower interest income. Excluding impairment reversals and other one-off items, underlying net profit was $251 million, down 11%.

Chief Executive Officer David Knox said that Santos had continued to demonstrate its ability to deliver projects on time and on budget.

“In the first half of this year Santos delivered first oil from the Fletcher Finucane project ahead of schedule and under budget, a facility that will drive stronger production for the company in the second half. The Santos Asia business also continues to make good progress with Dua in Vietnam and Peluang in Indonesia progressing well to deliver first oil and first gas respectively in the first half of 2014.”

“We also continue to make strong progress on our two major growth projects PNG LNG and GLNG, both of which remain on schedule and whose capital cost estimates remain unchanged. These LNG projects are poised to deliver significant shareholder value and it is our intent to review capital management options as we approach PNG LNG production.”

Mr Knox also discussed Santos’ exploration success in the first half saying that its exploration program had delivered pleasing results with discoveries offshore Western Australia at Bassett West, Bianchi and Winchester, and also at the Gaschnitz unconventional gas well in the Cooper Basin.