Oil and gas producer Santos Ltd
(ASX:STO) has posted a 66 per cent drop in first half net profit.
Net profit for the six months to June 30 came to $101.7 million, down from $303.7 million recorded for the same period a year ago.
The company says lower international crude oil, condensate and LPG prices had a significant impact on the first half result, reducing revenue by 26 per cent to $1.05 billion from $1.41 billion.
Santos says production of 26.6 million barrels of oil equivalent in the first half positions the company to meet its 2009 production guidance of between 53 to 56 million barrels of oil equivalent.
Santos declared an interim dividend of 22 cent a share. Santos 2008 net profit was by far the company’s best over the last five years.
