One of the country’s biggest oil and gas companies posted a sharp drop in revenues and profits, but did lift its dividend.
Resource giant Santos is feeling a chill in liquified natural gas sales, with revenues and underlying profits diving in line with falling oil and gas prices, although the company lifted its dividend by 14 per cent.
Adelaide-based Santos said its underlying profit for the half-year to June was $US801 million, down 37 per cent.Prices for one-off deliveries of LNG, one of the nation’s most lucrative exports, reached unseen highs late last year after Russia’s invasion of Ukraine deepened a historic energy crisis, but they have been falling sharply ever since.
Santos managing director and chief executive Kevin Gallagher said the company had delivered strong free cash flow and underlying earnings.
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