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Santos Turns To Profit In H1; Reinstates Dividend; Stock Up

Shares of Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) were gaining around 11 percent in Australian trading after the oil and gas producer reported Thursday a first-half net profit of $104 million, compared to last year's loss of $506 million.

Underlying profit was $217 million, up 99 percent from $109 million a year ago. EBITDAX grew 23 percent to $883 million.

First-half product sales climbed 16 percent to $1.68 billion from last year's $1.45 billion.

The company noted that the results were despite the loss of production from PNG operations due to the earthquake and further emphasise the value of core asset diversified portfolio.

Further, the company announced the reinstatement of dividends to shareholders.

The Board has resolved to pay a fully-franked 3.5 US cents per share interim dividend. This is the first dividend payment to shareholders since 2016 and reflects the Board's confidence in Santos' future prospects.

In Australia, Santos shares were trading at A$6.98, up 11.32 percent.

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