LNG, asset sales push Santos' profit 51pc higher

Natural gas processing operations at a Santos complex in Australia. Source: Supplied

SANTOS said higher oil and natural gas prices combined with gains from selling assets to push full-year net profit up 51 per cent to $753 million.

Santos, which is transitioning from an oil producer to a major exporter of liquefied natural gas to fast-booming Asian economies, said revenues climbed 14 per cent to $2.53 billion in the year to December 31.

Higher sales revenue reflected a 32 per cent increase in the average oil price to $114.96 a barrel across the year, and a 9 per cent rise in the price of natural gas, Santos said.

During the year, Santos realised gains worth $529m on the sale of assets including the disposal of separate interests of 15 per cent in the Gladstone liquefied natural gas project in Queensland to Total and Korea Gas Corporation, and its Evans Shoal gas field, offshore northern Australia.

Stripping out those asset sales, underlying profit rose 20 per cent to $453m

Read More 

The Australian