Santos reported a significant free cash flow of US$1.1 billion and an underlying profit of US$801 million for the first half of 2023.
According to Santos, the results reflect the effectiveness of the disciplined operating approach, which is intended to keep the company resilient throughout the oil price cycle.
Santos’ Board has decided to pay an interim dividend of US 8.7 cents per share unfranked (US$283 million), 14% higher than the previous period’s interim cash dividend.
Managing Director and CEO Kevin Gallagher stated that despite an ever-changing economic environment, Santos achieved strong free cash flow and underlying profitability in the first half of 2023.
“We remain focused on executing our strategy to backfill and sustain our existing infrastructure, decarbonise and develop our Santos Energy Solutions division. Our goal is to strike the right balance between disciplined and phased major project spend, returns to shareholders, and investment in new energy solutions to meet customer demand,” Gallagher said.
Gallagher reported that the Santos Energy Solution division is growing and working to create new revenue streams through decarbonisation initiatives. Meanwhile, according to him, the Moomba carbon capture and storage project will be one of the biggest and cheapest in the world, with the first injection of CO2 scheduled for the following year.
“Our critical fuels play a key role in the energy security of Australia and Asia. Gas enables a cleaner energy future, offering firming for renewable electricity and an affordable, reliable alternative to higher-emitting fuels,” he added.
