公告日期：2019-08-24

ASX / Media Release



22 August 2019



Santos reports record interim underlying profit of $411 million



and 71% increase in interim dividend



Half-year (US$m) 2019 2018 Change



Product sales 1,974 1,680 18%



EBITDAX1 1,260 883 43%



Underlying profit1 411 217 89%



Net profit/(loss) after tax 388 104 273%



Free cash flow1 638 367 74%



Interim dividend (UScps) 6.0 3.5 71%



Santos today announced its half-year results for 2019, reporting both record EBITDAX and



underlying profit.



The Board has resolved to pay an interim dividend of US6.0 cents per share fully-franked, an

increase of 71% over the previous interim dividend. The dividend is in-line with Santos’



sustainable dividend policy which targets a range of 10% to 30% payout of free cash flow.



Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “Today’s



announcement of half-year results demonstrates the strength of our cash-generative operating

model and the successful integration of the Quadrant acquisition.”



“Santos has delivered strong interim financial results with EBITDAX1 up 43% to a record



US$1.3 billion and free cash flow1 up 74% to US$638 million. Underlying profit1 after tax



increased by 89% to a record US$411 million.



“Consistent application of our disciplined operating model continues to deliver cost reductions

and efficiencies, with normalised production costs2 down 5% to US$7.27/boe.



“Our forecast free cash flow breakeven oil price for 2019 is now reduced to ~US$31 per barrel,

in-line with 2018 notwithstanding higher capex this year. Every US$10 per barrel increment i……
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