Australia’s Santos today reported a net profit of $753 million for 2011, 51% higher than the previous year.
The 2011 headline result includes a $408 million profit after tax from asset sales, including a 15% interest in the GLNG project and Santos’ entire interest in Evans Shoal, and asset impairments of $102 million after tax.
Underlying net profit of $453 million was 20% higher than 2010 primarily due to higher oil and gas prices, partially offset by a stronger Australian dollar and a higher effective tax rate.
Santos Chief Executive Officer David Knox said 2011 was highlighted by strong project delivery and good operational and financial results.
“ We delivered four new projects in the base business on plan. These projects will drive our production growth in 2012. ”
“ Our LNG projects are on track for first production from PNG LNG in 2014 and GLNG in 2015 ,” Mr Knox said.
Full-year results highlights
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LNG World News Staff, February 17, 2012