Santos: Results 2012

While attention lingers on the company's mega-projects, Santos has made impressive progress at its base business.

Higher prices and higher production are an excellent combination for an oil and gas producer and both were reflected in the full year results of Santos. Production rose 10% to 52m barrels of oil equivalent (mmboe), contributing to an 18% increase in revenue to $3.2bn. Although net profit fell 31% to $519m, last year’s result included asset sales and this year’s result was blighted by impairment charges so it’s better to compare underlying profit rather than reported profit. Excluding the effect of one-off items, underlying net profit rose 34% to $606m. From underlying earnings per share of 67 cents, a 15 cent dividend was declared (fully franked, ex date 1 March)





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