Santos reports record sales revenue in Jan-Mar
Australian energy company Santos on April 21 reported record sales revenue in the three months to March 31 (Q1) on the back of higher oil and LNG prices. The company also benefited from its takeover of Oil Search in December.
The company’s revenue in Q1 was $1.92bn, double the year-earlier period. Sales volume was 28.1mn barrels of oil equivalent, up from 27.4mn boe. The company’s realised LNG price during Q1 was $13.77/mn Btu, sharply up from $6.12/mn Btu. Its realised oil price was $113.09/b compared with $62.29/b in the year-ago period.
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“Today’s results demonstrate that our business has the size, scale and cash flows to enable Santos to deliver stronger shareholder returns,” CEO Kevin Gallagher said. “Consistent with our strategy, our next stage of growth will be disciplined and phased appropriately. The Barossa project is 33% complete and making excellent progress, while the Moomba carbon capture and storage project will deliver a step-change in our emissions profile when it comes online in 2024.”
Santos' free cash flow jumped to $865mn from $302mn a year earlier. Santos on April 20 announced a $250mn share buyback plan to boost shareholder returns.