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Santos reports robust first half free cash flow and earnings

1H 2023 Highlights

  • Production of 45 million barrels of oil equivalent down 13%
  • EBITDAX[1] $2,112 million down 23%
  • Free cash flow from operations[1] US$1,129 million down 34%
  • Underlying profit[1] US$801 million down 37%
  • Statutory net profit after tax US$790 million down 32%
  • Interim dividend of US$283 million, a 14 per cent increase to US8.7 cents per share unfranked
  • 2023 guidance remains unchanged

Santos today announced its half-year results for 2023, reporting strong free cash flow of US$1.1 billion and underlying profit of US$801 million. The results reflect the strength of the disciplined operating model which is designed to ensure the business remains resilient through the oil price cycle.

The Board has resolved to pay an interim dividend of US 8.7 cents per share unfranked (US$283 million), 14 per cent higher than the corresponding prior period interim cash dividend.

Managing Director and Chief Executive Officer Kevin Gallagher said Santos has delivered strong free cash flow and underlying earnings in the 2023 first half, despite an ever-changing macro environment.

“We remain focused on executing our strategy to backfill and sustain our existing infrastructure, decarbonise and develop our Santos Energy Solutions division. Our goal is to strike the right balance between disciplined and phased major project spend, returns to shareholders, and investment in new energy solutions to meet customer demand,” Mr Gallagher said.

“Our Santos Energy Solutions division is expanding and continues to work on building new revenue sources through decarbonisation projects. The Moomba carbon capture and storage project will be one of the biggest and lowest cost in the world and is on track for first injection of CO2 next year.

“Our critical fuels play a key role in the energy security of Australia and Asia. Gas enables a cleaner energy future, offering firming for renewable electricity and an affordable, reliable alternative to higher-emitting fuels.”

Live webcast

A live webcast for analysts and investors will be held today at 11:00 AEST.

To access the live webcast, register on Santos’ website at


[1] EBITDAX (earnings before interest, tax, depreciation, depletion, exploration, evaluation and impairment), underlying profit and free cash flow (operating cash flows less investing cash flows net of acquisitions and disposals and major growth capital expenditure, less lease liability payments) are non-IFRS measures that are presented to provide an understanding of the performance of Santos’ operations. Underlying profit excludes the impacts of costs associated with asset acquisitions, disposals and impairments, hedging as well as items that are subject to significant variability from one period to the next. The non-IFRS financial information is unaudited however the numbers have been extracted from the financial statements which have been subject to review by the auditor. A reconciliation between net profit after tax and underlying profit is provided in the Appendix of the 2023 half-year results presentation released to ASX on 23 August 2023.