Annual Report 200444 Annual Report 200444
10 YEAR SUMMARY 1995–2004
As at 31 December 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Santos average realised oil price (A$/bbl) 24.96 27.43 27.42 20.95 27.57 46.54 45.53 44.74 43.59 51.83
Financial performance($million)
Product sales revenue 671.6 729.2 778.5 769.4 944.5 1,497.1 1,459.7 1,478.4 1,465.0 1,500.9
Total operating revenue 740.1 804.0 859.5 1,000.8 995.6 1,556.2 1,561.8 1,542.3 1,619.4 1,753.2
Foreign currency gains/(losses) (16.0) 25.0 3.6 2.0 0.3 2.7 0.2 (0.7) (7.9) (3.0)
Profit from ordinary activities before tax 241.0 331.9 322.3 267.3 339.6 725.9 627.6 493.3 430.9 540.8
Income tax relating to ordinary activities 130.4 136.0 116.1 91.0 30.5 239.1 181.7 171.2 103.9 160.9
Net profit after income tax attributable 
to the shareholders of Santos Ltd 110.6 195.9 206.2 176.3 309.1 486.8 445.9 322.1 327.0 379.9
Financial position ($million)
Total assets 2,915.5 3,443.4 4,036.2 4,236.1 4,338.7 4,659.8 5,048.7 5,320.8 5,218.3 5,956.0
Net debt 642.0 938.6 1,114.2 1,280.0 1,301.1 866.6 1,060.8 1,162.9 897.6 1,131.4
Total equity 1,519.3 1,586.3 1,919.0 1,939.2 2,056.7 2,310.9 2,726.6 2,863.9 3,087.9 3,498.3
Reserves and production(mmboe)
Proven plus Probable reserves (2P) 703 860 1,009 966 941 921 724 732 636 643
Production 36.8 39.2 41.1 45.6 49.2 56.0 55.7 57.3 54.2 47.1
Exploration*
Wells drilled (number) 66 91 112 81 34 42 26 18 19 16
Expenditure ($million) 87.9 121.1 190.1 180.7 78.1 100.1 93.4 133.1 136.4 125.6
Other capital expenditure($million)
Delineation and development* 53.9 105.8 179.7 158.1 116.8 187.1 308.1 308.8 519.0 672.7
Buildings, plant and equipment 40.1 150.3 205.4 165.7 102.5 153.5 258.7 319.0 94.9 131.1
* From 2001, appraisal and near-field exploration wells have been reclassified from exploration to delineation expenditure. Prior year amounts have not been restated.
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