Santos Limited
(ASX:STO) has posted a weaker than expected net profit of $516 million over the 2013 calendar year, dipping 1 per cent from the year before.
The oil and gas producer’s underlying profit fell 17 per cent to $504 million, also missing market expectations of up to $560 million.
Santos says last year’s financial result reflects record sales revenue driven by higher crude oil sales volumes and higher oil and gas prices.
The company has forecast its production will rise to between 52 and 57 million barrels of oil equivalent over the current calendar year, after dipping 2 per cent last year.
Stronger output is expected to be boosted by the start-up of the PNG LNG Project in the third quarter and start of production from two projects in Asia.
A fully franked final dividend of 15 cents per share has been declared, bringing the full year payout to 30 cents per share.
