1H 2023 Highlights

• Production of 45 million barrels of oil equivalent down 13%
• EBITDAX1 $2,112 million down 23%
• Free cash flow from operations1 US$1,129 million down 34%
• Underlying profit1 US$801 million down 37%
• Statutory net profit after tax US$790 million down 32%
• Interim dividend of US$283 million, a 14 per cent increase to US8.7 cents per share unfranked
• 2023 guidance remains unchanged  

Santos today announced its half-year results for 2023, reporting strong free cash flow of US$1.1 billion and underlying profit of US$801 million. The results reflect the strength of the disciplined operating model which is designed to ensure the business remains resilient through the oil price cycle.

The Board has resolved to pay an interim dividend of US 8.7 cents per share unfranked (US$283 million), 14 per cent higher than the corresponding prior period interim cash dividend.

Managing Director and Chief Executive Officer Kevin Gallagher said Santos has delivered strong free cash flow and underlying earnings in the 2023 first half, despite an ever-changing macro environment.

“We remain focused on executing our strategy to backfill and sustain our existing infrastructure, decarbonise and develop our Santos Energy Solutions division. Our goal is to strike the right balance between disciplined and phased major project spend, returns to shareholders, and investment in new energy solutions to meet customer demand,” Mr Gallagher said.

“Our Santos Energy Solutions division is expanding and continues to work on building new revenue sources through decarbonisation projects. The Moomba carbon capture and storage project will be one of the biggest and lowest cost in the world and is on track for first injection of CO2 next year.

“Our critical fuels play a key role in the energy security of Australia and Asia. Gas enables a cleaner energy future, offering firming for renewable electricity and an affordable, reliable alternative to higher-emitting fuels.”

A copy of the presentation can be accessed on the Santos website here, and the video is available here.