Santos: Result 2013 and upgrade

Large projects in PNG and Gladstone should see earnings for this once dreary driller soar over the next couple of years.

The imminent start of the Papua New Guinea (PNG) LNG project overshadowed full-year results from Santos. Production fell 2% to 51m barrels of oil equivalent (mmboe) but increased production of high margin oil raised revenue 13% to $3.6bn. Higher costs, particularly the depreciation of new projects, impacted net profit which fell marginally to $516m. From earnings per share of 53 cents, down 2%, a final dividend of 15 cents will be paid, taking full-year dividends to 30 cents per share (fully franked, ex date 27 Feb).

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