Australian oil and gas producer Santos has reported a significant drop in its annual underlying profit due to weak commodity prices and decreased production. The company’s profit fell by 42% compared to the previous year, citing ongoing challenges in the global market. Santos also faced setbacks in potential merger talks with Woodside Energy, a larger rival. Despite the decline in profit, Santos announced a final dividend increase to meet its operating cash flow policy. The company highlighted progress in its Barossa gas project, which is expected to enhance its LNG portfolio in the future. Santos faces questions about the need to sell assets to meet shareholder dividend expectations, raising concerns about its strategic financial planning moving forward.
Santos Reports 42% Drop in Profit Amid Oil & LNG Weakness, Australia
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