Santos Profit Soars

Thursday, August 22, 2019

Australia's No.2 independent gas producer Santos Ltd on Thursday posted a 89% jump in half-year profit, boosted by its acquisition of Quadrant Energy and strong output from its Cooper Basin fields in South Australia.

Santos acquired Quadrant Energy last year in a $2.15 billion deal and in turn got an 80 percent stake in the promising Dorado oil find.

The Adelaide-based gas producer on Thursday increased its forecast on savings from the acquisition to between $50 million and $60 million per year, from $30 million to $50 million.

The Quadrant assets, along with the gas-rich Cooper Basin in Queensland, is the largest source of gas for Santos which also operates in Papua New Guinea.

It also lowered its capital spending forecast for the year to between $950 million and $1.05 billion, from about $1.1 billion.

Santos' underlying profit for the half-year ended June 30 rose to $411 million from $217 million a year earlier, beating Citi estimates of $377 million.

The company declared an interim dividend of 6 cents a share, compared with 3.5 cents last year when it revived payouts after grappling with debt for more than two years.


(Reporting by Shriya Ramakrishnan and Devika Syamnath; Editing by Bernard Orr)


Related Stories

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Fugro Expands Geotechnical Testing Capabilities in Indonesia

CNOOC Starts Production at Offshore Field in South China Sea

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com