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Santos first half 2013 net profit up 3% on higher oil sales and gas prices

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Santos (ASX: STO) has recorded a 3% increase in net profit to $271 million for the first half of 2013 over the previous corresponding period.

This reflects record sales revenue of $1.5 billion driven by higher crude oil sales volumes and gas prices, impairment reversals and lower production costs.

Production of 24.5 million barrels of oil equivalent (MMboe) was 4% lower than the first half of 2012 primarily due to a higher level of planned maintenance activity in the Cooper Basin.  This was partially offset by higher production from Chim Sáo in Vietnam and first oil from Fletcher Finucane in Western Australia.

This is likely to record strong growth in the coming years with the start-up of the PNG LNG (Santos 13.5%) and Gladstone LNG (Santos 50%) projects in 2014 and 2015 respectively.

Santos participated in three successful gas/condensate exploration discoveries offshore Western Australia and has also achieved success with its Cooper Basin unconventional gas exploration program, which confirmed a continuous gas accumulation in the Nappamerri Trough.

Production for 2013 has been maintained at between 53MMboe and 55MMboe.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Price: 5.76 AUD

ASX:STO
Market: ASX
Market Cap: $11.98 billion
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