Santos lifts output in March quarter
Make us a preferred source
Make us a preferred source on Google
The news: Oil and gas producer Santos has reported a slight increase in production in the first quarter, although sales volumes dipped amid lower third-party purchases.
The numbers: Sales revenue for the March quarter was down 8% from the prior quarter to USD1.29 billion ($2.02 billion) amid lower domestic prices, with sales volumes dipping 1% on quarter to 23.3 million barrels of oil equivalent (mboe). However, production was up 2% to 21.9 mboe.
Santos shares were up 2% to $5.60 in early trading on the ASX.
The context: Santos said first quarter production was boosted by higher domestic gas and crude oil volumes in Western Australia, but sales volumes were lower, with no crude lifting from the Pyrenees field and lower third party purchases. Meanwhile, the company’s Barossa Gas project is 95.2% complete and on track for first production in the third quarter of 2025.
“The business remains strong and resilient, maintaining free cash flow from operations and breakeven oil price less than USD35 per barrel in 2025,” Santos managing director Kevin Gallagher said.
The source: ASX
