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Santos revenue up 28 per cent

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Santos has increased first quarter sales revenue from a year ago by 28 per cent despite a flat production performance.

Australia’s second-largest sole producer of oil and gas collected $913 million in sales revenue in the three months to the end of March, on the back of higher third-party crude oil sales.

However it only lifted sales volumes by six per cent to 13.8 million barrels of oil equivalent (mmboe).

Its production rose by one per cent to 12.2 mmboe.

It maintained guidance for full year production in the range of 52 mmboe to 57 mmboe.

Santos’ realised average oil price was up 13 per cent from the preceding three months to $128 per barrel.

However production, sales and revenue were all weaker than in the December quarter.

A major contributor to that fall was weaker quarterly crude oil production of 2.5 million barrels, down 15 per cent, due to lower production out its Fletcher Finucane and Cooper Basin projects.

Santos shares were down 16 cents, or 1.2 per cent, at $13.28 at 1035 AEST.

Chief executive David Knox confirmed recent statements that the $US19 billion PNG liquefied natural gas project it is a partner in is ahead of schedule, with first LNG cargo expected the middle of this year.

The $US18.5 billion Queensland coal seam gas GLNG project Santos is operating was 80 per cent complete and on track for first LNG in 2015, he said.

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