Santos’ first-half earnings beat expectations despite a dip in underlying profit, fueled by rising production at key projects like Barossa and Pikka — even as free cash flow took a hit from startup costs. Revenue edged up, production rose 3%, and the company forecasts a 20-30% production surge in H2. With peak spending behind them and strong liquidity, Santos is on track for debt reduction and a final investment decision on Papua LNG later this year — all while paying an interim dividend to signal confidence in its future.
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