Santos Reports 2014 Full-year Results

Santos Ltd. (ASX:STO) reported its 2014 full-year results, announcing a net profit of $533 million, a 6-percent increase on 2013, and a net loss of $925 million due to frozen recruitment and pay rises.

Other highlights include:

• LTIFR of 0.67 per million hours worked
• Net loss after tax of $935 million, reflecting previously advised non-cash after tax impairments of $1.6 billion
• Underlying profit up 6% to $533 million
• Production up 6% to 54.1 mmboe

CEO David Knox stated:

Our results today reflect the many achievements of the company in 2014, highlighted by the start-up of PNG LNG ahead of schedule and the commencement of commissioning of the GLNG project.

The underlying performance of our business remains strong and we look forward to further production growth in 2015 with the start-up of GLNG in the second half of this year, within the US$18.5 billion budget.

Click here for the full Santos Ltd. (ASX:STO) press release