Oz Santos Reports Record Quarterly Revenue

Australian Santos January 24 said its revenue during the three months to December 31 (4Q2018) was up 7% year-on-year to a record US$1.04bn thanks to higher LNG and gas prices.

Production during 4Q was up 6% year-on-year to 15.9mn boe due to strong performance from the core portfolio and acquisition of Quadrant Energy, partially offset by the sale of the non-core Asian assets, Santos said.

For the full year 2018, company’s revenue was US$3.7bn, up 19% year-on-year; production during the year, however, was down 1% year-on-year to 59.5mn boe. This year, Santos expects production to be much higher than in 2018.

Santos CEO Kevin Gallagher said: “In 2018, Santos delivered higher production in the onshore business and acquired Quadrant Energy which will provide a significant boost to our production in 2019.”

The company expects 2019 sales volumes to be in the range of 88-98mn boe and production to be in the range of 71-78mn boe.