Santos posts bumper results, revenue tops $4bn despite oil slide
PERTH (miningweekly.com) – Oil and gas major Santos has reported record sales in the fourth quarter and the full year, on the back of a ramp-up in production from the Papua New Guinea liquefied natural gas (PNG LNG) project and higher production from the Cooper basin.
“Notwithstanding the fall in oil prices, Santos has delivered growth in full-year and quarterly production, and record sales revenue,” MD and CEO David Knox said on Friday.
During the fourth quarter, production reached 15.5-million barrels of oil equivalent, a 15% increase on the previous corresponding period, which resulted in full-year production reaching 54.1-million barrels of oil equivalent.
The full-year production was a 6% increase on the previous year’s production, and was in line with Santos’ expectations of between 53-million and 55-million barrels of oil equivalent.
Some 18-million barrels of oil equivalent was sold during the fourth quarter, generating sales revenue of more than $1-billion. For the full year, some 63.7-million barrels of oil equivalent was sold, generating revenue of $4.3-billion.
“These results affirm the strength of Santos’ underlying business, the transformation of our operations and the positioning of the company as a major player in the Asian LNG market,” Knox said.
Meanwhile, Knox noted that commissioning of the Gladstone LNG plant was well under way, with firing of the first gas turbine generator expected in the coming weeks.
The $18.5-billion project was some 90% complete, and was expected to deliver about 7.8-million tonnes a year of gas.
Santos expected production in 2015 to reach between 57-million and 64-million barrels of oil equivalent, with the ASX-listed company expecting to spend some $2-billion in capital over the financial year.
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