Santos Profit Falls 48% As Natural Gas Asset Diposals Slow
08/16/2012| 07:31pm US/Eastern
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By Ross Kelly
SYDNEY--Australian oil and gas producer Santos Ltd. (>> Santos Limited) said Friday its profit for the first half fell 48% after it benefited from asset sales in the previous corresponding period.
Underlying earnings rose as new projects came on line and it secured higher prices for its natural gas.
Santos--Australia's third biggest oil and gas producer behind BHP Billiton Ltd. (>> BHP Billiton Limited) and Woodside Petroleum Ltd. (>> Woodside Petroleum Limited)--said net profit for the six months to June 30 fell to A$262 million from A$504 million a year earlier.
Underlying profit, which excludes one-off gains and losses, rose 20% to A$283 million, beating the A$272 million average of six analysts' forecasts compiled by Dow Jones Newswires.
Santos declared an interim dividend of 15 cent per share, unchanged from a year earlier.
Write to Ross Kelly at ross.kelly@wsj.com
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