Santos has announced a net profit for 2013 of $516 million after tax, in line with earnings from 2012. The company also released updates on its PNG and GLNG liquefied natural gas projects, with first delivery of LNG expected in 2014 and 2014, respectively.
Santos Chairman, Ken Borda, said consistent execution of the company’s strategy had positioned Santos for a step change in earnings and cash flow as its transformational LNG projects were delivered.
Borda commented: “As the PNG LNG and GLNG projects commence production, Santos and its shareholders are poised to reap the rewards.
“Our operating cash flow will more than double over the next two years as the PNG LNG and GLNG projects come on-line. We are focused on rewarding shareholders as we strike a balance between higher dividends, debt repayment and ongoing investment for growth.
“Santos will adopt a progressive dividend policy. As our production and earnings grow, we intend to initially increase the dividend per share to a level which is sustainable and then steadily increase or maintain our dividend each year”.
Santos CEO, David Knox, said that last year, Santos made strong progress towards the completion of its two major growth projects PNG LNG and GLNG, both of which remain on schedule.
“PNG LNG construction is nearing completion, with the first LNG delivery now expected in the third quarter of this year.
“The GLNG project is also making good progress and is now 75% complete, with first LNG expected next year on schedule. The project recently celebrated a major milestone with the completion of tunnelling of the marine crossing.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/21022014/santos_lng_projects_help_achieve_net_profit_in_2013_201/