Santos reports 9% increase in revenue in Q1
Australian explorer Santos said on April 22 its sales revenue during the three months to March 31 (Q1) was up 9% year/year owing to higher production and firmer commodity markets.
The company’s revenue rose to US$964mn from US$883mn a year earlier. Santos said it produced 24.8mn barrels of oil equivalent during the period, up from 17.9mn boe last year.
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The company's realised gas price in Q1 was US$4.54/gigajoule, up from US$3.77/gigajoule in the same period of last year. The condensate price was US$60.41/b as against US$47.05/b. However, average sales prices for LNG during Q1 fell to US$6.12/mn Btu from US$8.88/mn Btu a year earlier.
Santos said it has started to explore interest from the market in non-operated equity in Dorado and potentially other Western Australia (WA) oil assets.
“Consistent with Santos’ strategy to phase growth projects and review equity levels in line with disciplined capital management, Santos has commenced a process to explore interest from the market in non-operated equity in Dorado and potentially other WA oil assets,” it said.
The company said it Moomba carbon capture and storage project is FID-ready, subject to eligibility for Australian Carbon Credit Units. The first injection is expected to begin in 2024, it added.