Santos Raises Dividend Despite Annual Profit Fall
By David Winning
SYDNEY--Santos reported a 33% fall in annual profit on the back of lower production and sales revenue, concluding a challenging year that included a legal challenge to its key Barossa growth project and merger talks with Woodside Energy that ultimately went nowhere.
Santos said its net profit totaled US$1.42 billion in the 12 months through December, down from US$2.11 billion a year ago. Underlying profit, which strips out some one-off items, fell by 42% to US$1.42 billion.
The company's annual sales revenue fell by 24% to US$5.89 billion, partly due to its liquefied natural gas and crude oil fetching lower prices than in 2022, while it generated US$2.1 billion of free cash flow. Directors of the company declared a final dividend of 17.5 U.S. cents a share, up from a payout of 15.1 U.S. cents a year earlier.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
February 20, 2024 17:15 ET (22:15 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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