Santos Full-Year Profit Declines 31%, Missing Analyst Estimates

Santos Ltd. (STO), Australia’s third- biggest oil and gas producer, said full-year profit dropped 31 percent from the previous year after one-time gains weren’t repeated.

Net income fell to A$519 million in 2012 from A$753 million a year earlier, the Adelaide-based company said today in a statement. That compared with the A$589 million average estimate of 12 analysts compiled by Bloomberg. Excluding one-time items, profit rose 34 percent to A$606 million, according to the statement.

Santos is building the $18.5 billion Gladstone liquefied natural gas project in Queensland state, one of seven being developed in the country to meet Asian demand. Its operations include the A$490 million Fletcher-Finucane oil project in the Carnarvon Basin off Western Australia, the Chim Sao oil field in Vietnam and assets in central Australia’s Cooper Basin.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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