Australia's Santos boosts LNG profits and pays US$1.1Bln in tax and spends US$385M on communities
Santos, the Australian operator of the Gladstone and Darwin LNG projects and with a portfolio in Papua New Guinea, reported a more than three-fold increase in net profits of US$2.11 billion, a reward for its years of investment in the industry.
Australian LNG operator Santos posts doubling of LNG sales revenues while advancing expansions and backfill
Australian LNG operator Santos delivered a doubling of annual LNG sales revenues while advancing expansion plans in Australia and Papua New Guinea as prices rose with increasing demand even amid an Asia-Pacific economic slowdown.
Santos earnings solid
April 23 (LNGJ) - Australian energy company and LNG operator Santos showed a strong operational performance in the first quarter even as average realised LNG prices dropped to US$8.88 per million British thermal units from US$10.79 per MMBtu in the prior-year quarter.
The company delivered US$265 million of free cash flow, at a targeted breakeven oil price of US$25 per barrel, even as sales revenues fell by 13 percent to $883M. Santos operates the Gladstone LNG plant in Queensland and has stakes in two others. It had liquidity of over US$3 billion at the end of the quarter, comprising US$1.15Bln in cash and US$1.9Bln in committed undrawn debt facilities.
