Santos: Interim result 2012

Conventional production impressed, generating higher than expected margins. The company also reported a fracking surprise.

The evolution of Santos from a business dominated by Cooper Basin gas to higher margin output was illustrated by its impressive half year result. Although reported net profit fell a hefty 48% to $262m, the prior period included almost $300m of gains from asset sales. On an underlying basis, profit rose 20% to $283m. From earnings per share of 27.6 cents, a fully franked dividend of 15 cents was declared (ex date 28 Aug).

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