.png)
By Nick Toscano December 7, 2022 — 2.43pm , register or subscribe to save articles for later. Santos, one of Australia’s largest oil and gas producers, has doubled the size of its share buyback program to more than $1 billion and outlined a new plan to increase returns for investors as surging commodity prices boost the company’s cash flow and outlook. Like other fossil fuel giants worldwide, Adelaide-based Santos has reported booming revenue this year due to the fallout from Russia’s invasion of Ukraine deepening a global energy crunch and pushing oil and natural gas prices sharply higher. It’s boom times for Santos as the global energy crunch is pushing oil and gas prices higher.Credit:AP Crude oil prices traded at an average level above $US100 barrel in the first nine months of the year, up from $US70 a barrel last year. Meanwhile, uncontracted Australian cargoes of liquefied natural gas (LNG) in North Asia have been selling at elevated prices around $US30 per million British thermal units, more than triple the same time last year. Santos chairman Keith Spence said the company would double its existing $US350 million share buyback to $US700 million ($1.05 billion), and introduce a policy of […]
CamTrader offers a preview only. View original article. www.smh.com.au
