Santos profit up, GLNG project 85% complete

SANTOS has announced its net profit for the first half of the year is up three per cent to $258 million.

The gas giant is a partner in the GLNG project on Gladstone's Curtis Island.

The company on Friday announced a higher first half underlying profit after tax and a significant increase in the interim dividend, following the successful start-up of its PNG LNG project, which started production ahead of schedule in April.

Santos chairman Ken Borda said the start-up of PNG LNG and receipt of first cash from the project had enabled the company to substantially increase returns to shareholders, through a 33% increase in the interim dividend to 20 cents per share fully franked.

The company said the 2014 first half result reflected record sales revenue driven by higher crude oil and LNG sales volumes, and higher oil and gas prices.

Managing director and chief executive officer David Knox said Santos in the first half of the year had achieved its highest oil production in six years, record sales revenue and strong operating cash flow.

"We have set the foundation for a stronger second half," he said.

"PNG LNG is producing at full capacity, and GLNG is more than 85% complete and on track to start-up next year, within budget."


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