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Santos posts record revenue

AUSTRALIAN oil and gas producer Santos has reported record sales revenue for the three months to December and reaffirmed full-year production guidance despite a slights slip in output for the quarter.
Santos’ quarterly sales revenue grew to A$1.065 billion (K2.27 billion) mainly due to strong oil prices, taking 2013 revenue up to A$3.602 billion (K7.68 billion) – a 12% increase on the previous year.
Santos yesterday announced record sales revenue of A$1.1 billion (K2.35 billion) for the fourth quarter of 2013.
The record result was attributed to the company’s highest oil production in six years, strong oil prices and higher third party sales volumes.
According to the company’s website, the fourth quarter production of 13.1 million barrels of oil equivalent (mmboe) was in line with corresponding period and 2% lower than third quarter of last year.
Gas production of 53.2 petajoules (PJ) (9.1 mmboe) was 6% lower than corresponding period, with higher production from Carnarvon Basin offset by lower production in Cooper Basin and Asia.
The average gas price of A$5.53 (K11.80)/GJ for December quarter was 10% higher than corresponding quarter, driven by higher gas prices in Western Australia and Indonesia, and higher LNG prices from Darwin LNG.
Quarterly crude oil production of three million barrels was 5% higher than previous quarter, driven by higher production from Fletcher Finucane and ChimSáo.
The average oil price for the quarter was A$127 (K271) per barrel.
Santos managing director and chief executive David Knox (pictured) said the last quarter of 2013 saw the company continue to make strong progress in delivery of its major projects, underpinning its strategy to expose its resources to Asian markets.
“In the second half of 2014 the first of these projects, PNG LNG, is on track to commence LNG shipments to Asia, delivering a significant boost in production and cashflow for the company.
“We are very pleased with the progress being made on the project, with commissioning of the upstream and LNG plant facilities well underway.”
Santos is a partner in the development of PNG LNG project with 13.5% interest.
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