Santos (ASX:STO) announced a half-year underlying profit of $801 million, a decrease from the $1,267 million reported in the previous year.

The company also declared an interim dividend of 8.7 cents per share and reported a net profit attributable at $790 million, compared to last year’s $1,167 million.

The company recorded revenue from ordinary activities at $2,967 million, compared to $3,766 million in the prior year.

For 2023, Santos maintains its sales volume guidance within the range of 90 to 100 MMBOE and production guidance of 89 to 93 MMBOE.

Progress is being made on the Barossa gas and condensate project, which is 60% complete as of 30 June 2023.

However, drilling operations are suspended pending environmental plan approval.

The Barossa project is on track to commence production in the first half of 2025.

The company is set to have the Dorado FID ready by 2024 as well as planning to develop a carbon capture and storage hub in Western Australia.

A conditional offer from Kumul Petroleum remains open until 31 August 2023 for a stake in PNG LNG.

Santos is an oil and gas company focusing on exploration, production, and supply of natural gas in Australia.