Santos delivers US$2.6B in half-year revenue

• Santos reported half-year sales revenue of US$2.6 billion and a net profit of US$355 million.
• The company declared an unfranked interim dividend of 11.6 US cents per share, totalling US$377 million.
• Santos stated that expected cash flow impacts from commissioning activities will unwind in the second half.

Santos (ASX:STO) reported a half-year net profit of US$355 million and US$2.6 billion in sales revenue. EBITDAX came to US$1.6 billion.

First-half production rose 3% from the prior period to reach 45.6 million barrels of oil equivalent.

The results reflect a transition period as new projects commenced production and commissioning.

Santos Managing Director and CEO Kevin Gallagher said, ““The first half marked an important step forward for Santos. We brought the Pikka project online safely and continued to progress Barossa through commissioning towards steady-state production, while the base business continued to perform strongly.”

The company stated that free cash flow was US$378 million, with timing effects expected to unwind soon.

Following the announcement, the Santos share price was unchanged at $8.34.

Barossa delivered seven cargoes by the end of June, with another five cargoes delivered since July 1.

The Moomba carbon capture facility has stored around 2.3 million tonnes of carbon dioxide equivalent since start-up.

The operational expansion aligns with continuous crude oil production milestones recently achieved at the Pikka field.