Santos on track to meet production targets
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SYDNEY, Feb 22 AAP
February 22 2013, 09:10AM
Santos' full year net profit has dropped by nearly a third but the oil and gas producer still expects to meet its production targets in 2013.
Net profit for the full year to December 31 fell to $519 million from $753 million in 2011, when Santos benefited from various asset sales.
Revenue rose 18 per cent to $3.3 billion.
Underlying profit rose 34 per cent to $606 million, driven by higher liquids volumes and gas prices which were partly offset by higher costs linked to new assets.
Santos confirmed it still expects to meet its production forecast for 2013 of 53-57 million barrels of oil equivalent (mmboe) and capital expenditure of about $4 billion.
The company maintained its fully franked final dividend at 15 cents a share.