Santos sales, production drop in March quarter
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The news: Oil and gas producer Santos has reported lower sales and production for the March quarter on the back of bad weather and planned maintenance outages.
The numbers: Sales revenue for the three months to March dropped to $1.4 billion, down 6% from the December quarter despite higher LNG, crude oil and LPG prices.
Sales volumes were down 8% from the preceding quarter to 23.2 million barrels of oil equivalent, while production was also 7% lower at 21.8 mega barrel of oil equivalent (mboe).
The context: The company attributed the lower volumes to the impact of bad weather and planned maintenance.
Santos CEO Kevin Gallagher called the performance ‘robust’ and said the company was now in line of sight for major projects progressively coming online in 2024, 2025 and 2026, putting it in a strong position “to deliver sustainable, long-term shareholder returns".
The source: ASX announcement
