Shares of Santos were down by 1.8% at the session low of A$7.67 – their lowest level since July 21.

Santos, Australia’s second largest independent gas producer, posted a 37% drop in its H1 underlying profit due to weaker prices and reduced output.

This marks the stock’s first drop below its 50-day daily moving average since June 26.

However, Santos did decide to raise its interim dividend to 8.7 cents/share from last year’s 7.6 cents.

Despite this slump, stock shares of the company have increased by 9.4% YTD as of the most recent close.

Santos (ASX:STO) is Australia’s second largest independent gas producer.