Profit soars: A file picture showing flames shooting from a Santos-owned Casino rig, located 250km south-west of Melbourne in Bass Strait. Santos, Australia’s No. 2 independent gas producer, reported a near doubling in half-year profit. — Reuters
MELBOURNE: Santos Ltd, Australia’s No. 2 independent gas producer, reported a near doubling in half-year profit and revived its dividend, just a day after locking in near-term growth with an over US$2bil acquisition.
Investors said the results and deal to buy Quadrant Energy in the state of Western Australia vindicated the firm’s decision earlier this year to reject a US$10.8bil takeover bid from private equity-backed Harbour Energy.
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