Santos, currently a takeover target, has reported a 22 per cent decrease in its benchmark first-half profit. The decline comes amidst flat production and reduced prices for several oil and gas products. Santos is a major Australian oil and gas company, exploring, developing, and producing natural gas and crude oil, supplying essential energy to homes, businesses, and industries across Asia and Australia. They are focused on growing sustainable shareholder value.
Core net profit for the six months ending June 30th fell to $US508 million, a decrease from $US654 million in the previous year. The bottom-line net income also experienced a slide, dropping 31 per cent to $US439 million, compared to $US636 million during the same period last year. Sales saw a dip of 5 per cent, reaching $US2.58 billion.
Despite the profit decline, Santos has announced a dividend of US13.4¢ for the first half of the year, marking a 3 per cent increase. This decision reflects the company’s commitment to delivering value to its shareholders even during a period of reduced earnings.
The company remains a key player in the Australian energy sector as it navigates a changing global market and ongoing takeover discussions.
