Oil and gas producer Santos Limited (ASX:STO) has reported a fall in its first half net profit but an increase in its underlying profit.
The company’s net profit dropped 48 per cent to $262 million after benefiting from gains on asset sales the year before.
The company’s underlying profit rose 20 per cent to $283 million on the back of higher gas and liquids prices and sales volumes.
CEO David Knox says first half production was the highest in three years and is expected to rise further in the second half.
A fully franked interim dividend of 15 cents per share has been declared.