Santos surges to record half-year profit on higher oil and gas prices

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.

NickToscano1 Prices for fossil fuels are rising not because of Ukraine, but because of the investment embargo, despite the increase in demand. Both China and Russia have been drilling (exploration) while the west has been transfixed with doing away with plastic straws.

NickToscano1 So glad a sold my share in this shitty company

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