Business
South Australia’s largest company Santos has reported an 18 per cent drop in second-quarter revenue due to lower realised prices for its oil and gas, but said production from its core assets is expected to remain steady in the near term.
Business
Adelaide-based oil and gas producer Santos has posted a seven per cent rise in annual net profit, as a jump in production helped offset weaker commodity prices across the year.
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Adelaide-based oil and gas company Santos expects 2019 production to rise by up to 32 per cent, boosted by its acquisition of Quadrant assets last year.
Australia’s competition watchdog has signed off Santos’ $2.9 billion acquisition of major WA oil and gas producer, Quadrant Energy.
Adelaide-based oil and gas producer Santos has topped its guidance for 2016 with a 7 per cent rise in production and a 31 per cent jump in sales, boosted by the ramp-up of its Gladstone liquefied natural gas (GLNG) plant in Queensland.
Santos has slumped to a $1.4 billion first-half loss but CEO Kevin Gallagher says he is confident the Adelaide energy giant is taking the right steps to become a “strong and sustainable” business.
