Santos H1 profit up, reaffirms guidance

Santos has lifted its first half profit by 57.6 per cent after benefiting from higher oil and gas prices, and has reaffirmed its guidance for the full year. The oil and gas producer also announced a $300 million off-market buyback of its shares. Net profit for the half year ended June 30 was $303.7 million, up from $258.1 million in the previous 12 months. Santos chief executive David Knox said the company is focussed on delivering its strategy for growth. It expects to complete pre-FEED studies on the Gladstone liquefied natural gas project by the end of this year. "We also expect to sanction our first oil project in Vietnam by the end of the year," Mr Knox said. "The company reaffirms the guidance for 2008," he said in a statement. Santos has forecast production of 54 to 56 million barrels of oil equivalent for calender... [read full story]