Santos Limited (STO) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you and good morning and welcome to Santosi's 2023 half-year results question and answer investor call. Joining me today is Chief Financial Officer Anthea McKinnell. Anthea and I recorded a video presentation on today's results which you can find on our website along with the presentation. We're not going to repeat the video presentation on this call. We will, however, be happy to take your questions. Before we do that, I'd like to start by acknowledging the traditional lands of the Kaurna people of the Adelaide Plains from where I am speaking today. I pay my respects to their elders, past, present, and emerging, and I also acknowledge and recognize the support of traditional owners and indigenous people everywhere Santos operates, including in Papua New Guinea, Timor-Leste, and Alaska. I'm pleased to present yet another solid set of financial results that demonstrate the success of a disciplined operating model. Santos continues to generate strong cash flow despite the challenging operating environment. I'd also like to touch on some of the highlights from this result. In the first half of 2023, Santos generated sales revenue of $3 billion, EBITDAX of $2.1 billion, free cash flow from operations of $1.1 billion, and underlying profit of $800 million. The Board has determined to pay a dividend for the half of $283 million, or 8.7 cents per share, unfranked. The buybacks announced last year have now been completed. The board decided not to announce a buyback in conjunction with the interim dividend at this time and will consider the most effective way to return cash to shareholders in the context of the full year results. We are pleased to continue to deliver strong cash returns to our shareholders whilst also balancing the need to invest in our business. Always...