Production Rose But Sales Fell
The third largest Australian oil and gas company is going to meet 28% profit fall. Santos Ltd. may report on the 14th of August about sharp drop in profit led by the price fall on crude oil. The company's net income probably fell to A$182 million ($100.3 million) from A$251.1 million in the year-earlier period. Every $1 drop in the price cuts Santos' after-tax profit by A$23 million. But the company found as they think an effective treatment for this disease. It plans to find and pump more oil and gas. Santos is going to spend A$160 million this year in an effort to find twice as much oil and gas as it did last year and to increase output 3 percent. It is planning to aquire companies and increase exploration in countries such as Indonesia and the U.S. Production in the first-half rose 4.5 percent over the same period last year to the equivalent of 27.7 million barrels of oil. Sales fell to A$673.1 million from A$751.4 million. Santos shares have risen 4.2 percent this year.
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