LogIn LogOut

Santos Profit Soars

August 22, 2019

(Photo: Santos)
(Photo: Santos)

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)



Current News

Barakah Offshore Files Petronas Carigali Claim

Barakah Offshore Files Petronas Carigali Claim

GC Rieber Crew Boats Stay in Russian Far East

GC Rieber Crew Boats Stay in Russian Far East

PetroChina's oil and gas trade turnover up 5% in 2019

PetroChina's oil and gas trade turnover up 5% in 2019

Yinson: 8th Extension for Lam Son FPSO

Yinson: 8th Extension for Lam Son FPSO

Pacific Drilling Must Pay $320M for Rig Order Cancellation

Pacific Drilling Must Pay $320M for Rig Order Cancellation

Oil Slips on Doubts About U.S.-China Deal, OPEC Outlook

Oil Slips on Doubts About U.S.-China Deal, OPEC Outlook

Keppel working on 3D-Printed Offshore Grade Steel

Keppel working on 3D-Printed Offshore Grade Steel

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