Australian Energy Major Santos Saw Profits Drop Dramatically in 2023

Australia’s energy major Santos reported net earnings of $1.42 billion for 2024, a drop of 42% on 2022, which was a deeper one than analysts polled by Reuters had expected. The company’s stock declined following the financial report, as it also said its revenues had declined substantially in 2023 as had earnings before interest, tax, depreciation, depletion, exploration, evaluation, and impairment. Cash flow was also down substantially, by 42%.

The injunction was granted following an application that demanded from Santos to revise its environmental plan for Barossa. The project is now slated to start producing in the third quarter of next year, Santos said in its earnings release. It would add 1.8 million tons to Santos’ annual LNG export capacity, the company also said. The gas from Barossa will be fed into the Darwin LNG facility, with more than two-thirds of the pipeline for the purpose already complete, Santos also said.

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