The shifting state of oil and gas is reflected on the bottom line of major producer Santos.

But the company expects funds will flow as a number of multi-billion-dollar gas projects, in which it has significant stakes, begin to take off.

Santos has posted results showing a 24 per cent slide in its first-half net profit for this year, dropping down to $206 million.

The company’s underlying earnings rose around 3 per cent to $258 million, but it was dragged down by a $67 million impairment charge from exiting an Indonesian coal seam gas project in Sumatra.

Santos was boosted by the firing-up of a new LNG project in Papua New Guinea ahead of schedule, bringing some unexpected sales.

Total sales hit a record $1.9 billion in the half, after increased production and high international prices drove revenue up 25 per cent.

Work is 85 per cent complete at the $18.5 billion GLNG project in Queensland, with production due to start in 2015 to reward the firm for its 30 per cent stake.

The company expects even bigger numbers and less losses for the second half of the year, which was part of the push that drove Santos stock up 3.6 per cent after the announcement.