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Santos' H1'19 net profit climbs 273%

Australia's Santos Ltd. on Aug. 22 reported a net profit after tax of $388 million for the first half of the year, topping $104 million in the same period a year ago.

Product sales totaled $1.97 billion for the first six months, up by 18% from $1.68 billion in the prior-year period.

EBITDAX reached $1.26 billion for the first half, rising by 43% from $883 million a year earlier.

Free cash flow amounted to $638 million, increasing by 74% from $367 million in the prior-year period.

The company produced 18.6 million barrels of oil equivalent during the second quarter, and 18.4 million boe in the first quarter. Santos earlier narrowed its production guidance for the year at 73 million boe to 77 million boe, from 71 million boe to 78 million boe.