Santos Profit Falls by Less Than Expected as Barossa and Pikka Ramp Up

Australian oil and gas company Santos posted first-half results showing underlying profit fell to $397 million compared with $508 million in the prior year, while net profit after tax declined to $355 million from $439 million. The decline was less pronounced than market expectations, as the company navigated the transition phase of bringing two major growth projects into commercial operation.
First-half production increased 3% year over year to 45.6 million barrels of oil equivalent, with prod