Particularly given that energy shares were already likely to come under pressure after a pullback in oil prices overnight. This could potentially weigh on the Santos share price today. How does this compare to expectations?Īs strong as this result was, it appears to have come in a touch short of expectations.įor example, according to a note out of Citi, its analysts were expecting a net profit after tax of US$1,333 million. This is up 38% compared to the same period last year.Ĭombined with its previously announced US$350 million on-market share buyback, this means Santos will be returning a total of US$605 million of 18 US cents per share to shareholders.
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In light of its strong free cash flow generation, the Santos board declared an interim dividend of 7.6 US cents. It reported the tripling of its free cash flow to a record US$1,708 million for the six months. Speaking of its merger, management advised that its annual merger integration synergies target has now increased to US$110 million to US$125 million.Īnother positive was Santos’ free cash flow generation. This was driven by record production, a big increase in the price of oil and LNG, and the merger with Oil Search. Interim dividend up 38% to 7.6 US centsįor the six months ended 30 June, Santos delivered an 85% increase in revenue to US$3,766 million and a massive 300% jump in its underlying net profit after tax to US$1,267 million.
Free cash flow tripled to US$1,708 million.
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