The Adelaide-based company says key projects, including carbon capture and storage in South Australia, are on time and on budget.
Santos’ half-year profit slid 17 per cent to $US659 million after its revenue from selling oil and gas fell, but shareholders will receive a record interim dividend.
Production in the first six months of 2024 was the equivalent of 44 million barrels of oil, down two per cent, while sales revenue of $US2.7 billion slid further, dropping nine per cent.Ben Searcy Jardin analyst Nik Burns said the earnings and profit results were slightly below the consensus driven by higher costs, but it was positive that all projects were predicted to be delivered on time and within budget and that Santos had not changed its 2024 guidance.
The Adelaide-based company reported that its flagship Barossa gas export project north of Darwin was 80 per cent complete, with first gas expected to flow in the third quarter of 2025.The Pika project in Alaska is nearly 60 per cent complete, with oil production due to start in the first half of 2026, and in South Australia Santos is commissioning its Moomba carbon capture and storage project.
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