0101 GMT - Santos's interim dividend of 11.6 U.S. cents a share was well ahead of consensus hopes, driving a 3.2% increase in its share price to 8.37 Australian dollars today. Santos effectively paid out all of its 1H free cash flow of US$377 million. That means Santos is "paying it forward," Macquarie says. It is encouraged by this approach "given there wasn't all-in free cash flow to pay out this half on timing and commissioning issues." Santos experienced teething problems at its Barossa natural-gas project in Australia and the Pikka Phase 1 oil project in Alaska during the half. It also lifted five equity marketed cargoes before the end of 2Q, but didn't get receipts until after 2H began. Macquarie had an outperform call on Santos heading into today's result.
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