Santos: Interim result 2013

Santos released pleasing results with gas prices firing and LNG projects about to deliver new cash flow.

The investment case for Santos is working out as expected. Although production fell 4% to 24.5m barrels of oil equivalent (mmboe), higher prices more than offset this decline and the company posted net profit of $271m for the half year, a rise of 3%. From earnings per share of 28.1 cents, up 2%, a 15 cent interim dividend was declared (est ex date 22 Aug), suggesting an annual yield of 2.1%

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