Oz Santos' 1H Sales Up 16% on Year

Australian Santos July 19 said its sales revenue during January-June period (1H) was up 16% to $1.7bn due to stronger commodity prices and higher oil sales. Revenue increased despite the PNG LNG outage and planned shutdowns at Moomba and Bayu Undan/Darwin LNG.

Company’s 1H production was 28mn barrels of oil equivalent, down 5% year on year. During the April-June quarter (2Q), production was 14.2mn boe, down 3.4% on the same quarter of last year. However, compared with 1Q output was up 3%. Production in 2Q was higher than 1Q due to the recommencement of production at PNG LNG following the earthquake in February, and higher Cooper Basin and WA gas production, Santos said.

Santos said it was sticking with targeted output for the full year of between 55-58mn boe.