Santos surges to record half-year profit on higher oil and gas prices | NickToscano1
Australian energy giant Santos has reported a huge increase in half-year profit as the company continues to prosper from oil and gas prices driven higher by Russia’s invasion of Ukraine.
The underlying profit result exceeded the average forecasts of most market analysts. Santos’ bottom-line profit of $US1.16 billion was more than triple the same time last year, and also beat expectations.The bumper profit comes after oil, gas and coal prices worldwide have been spiking this year as Western countries shun Russian imports to starve Moscow of the revenue it needs to fund the war in Ukraine, intensifying competition for spare cargoes and deepening a global energy crunch.
“We are seeing these issues play out in the significant shift in global energy policy towards energy security as a key priority,” Gallagher said.Wholesale gas prices are also surging across the eastern seaboard of Australia amid dwindling available supplies for the domestic market. In its latest report, the Australian Competition and Consumer Commission said a shortage of 56 petajoules was now expected in 2023, about 10 per cent of domestic demand.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Santos surges to record half-year profit on higher oil and gas pricesThe Australian energy giant has reported a huge lift in half-year profit as it continues to prosper from oil and gas prices driven higher by Russia’s invasion of Ukraine. | NickToscano1
Read more »
ASX to rise, following Wall Street gains, as oil sinks on China's slowing economyAustralian shares are likely to start the day higher, following gains on Wall Street, despite renewed concerns about China's economy leading to a fall in oil and iron ore prices.
Read more »
BlueScope says steel prices are falling after record yearCEO Mark Vassella says he’s terrified about a hollowing-out of Australian manufacturing if a dysfunctional energy market is allowed to continue.
Read more »
Downer EDI profit slides 17pc after ‘extremely challenging’ yearFloods, COVID-19 lockdowns and higher subcontractor costs contributed to the drop in profit at the services group.
Read more »
Why 47pc of DIY super funds are having a great dayNearly half of self-managed super funds have exposure to mining giant BHP, analysis of the $892 billion SMSF sector has revealed, as the resources giant marks its second-biggest profit ever and a bumper dividend.
Read more »
BHP peaks with profit, dividend and tax tsunamiThe biggest contributor to Australia’s record trade surplus, BHP, has vowed to be disciplined as it pursues growth after reporting its highest ever profit.
Read more »