Santos today announced a net profit of $500 million after tax for the year ended 31 December 2010, 15% higher than the previous year.
Underlying net profit of $376 million was up 46% on the previous year due to higher product prices and lower exploration expense.
The 2010 headline result includes a $214 million profit after tax from asset sales, including the sale of a 15% interest in the GLNG project to Total announced in September 2010, and asset impairments of $123 million after tax.
Production of 49.9 million barrels of oil equivalent (mmboe) was 8% lower primarily due to wet weather and flood events in Central Australia which reduced Cooper Basin production by 2.9 mmboe, partially offset by stronger gas production in Western Australia and Indonesia.
Higher commodity prices were evident across the Santos portfolio in 2010 and drove sales revenue to $2.2 billion, 2% higher than 2009.
Results Highlights
* Production 49.9mmboe, down 8%
* Sales 59.2 mmboe, down 1%
* Average oil and gas prices up 11% and 5% respectively
* Sales revenue $2,228 million, up 2%
* EBITDAX $1,672 million, up 5%
* Net profit after tax $500 million, up 15%
* Underlying net profit after tax $376 million, up 46%
* Operating cash flow $1,267 million, up 10%
* Strong balance sheet to fund growth: $7.8 billion of funding capacity
* Final dividend 15 cents per share fully franked
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Source: Santos, February 17, 2011;