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Santos Posts HY Loss

Oil and gas producer Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its net loss attributable to owners of the company for the first half of 2020 was US$289 million or 13.9 cents per share, compared to net profit of US$388 million or 18.5 cents per share last year, reflecting significantly lower oil prices due to the impact of COVID-19 on global oil demand. The latest-period results included a non-cash impairment due to revised oil price assumptions.

Underlying profit was US$212 million compared to US$411 million in the prior year.

Revenue from contracts with customers decreased to US$1.67 billion from US$1.97 billion in the prior year.

The Board resolved to pay a interim dividend of US$0.021 per ordinary share on 24 September 2020 to shareholders registered in the books of the company at the close of business on 26 August 2020.

Sales volume guidance is maintained in the range of 101 to 107 mmboe and production guidance is maintained in the range of 83 to 88 mmboe for 2020.

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