Santos Reports Record Revenue

Adelaide based Santos on Friday announced record sales revenue in both the quarter and the full year despite falling oil prices.

The company said the results reflect “the successful ramp-up of production from the PNG LNG project as well as higher Cooper Basin production.”

Sales in the December quarter rose to A$1.09 billion ($870 million) from A$1.07 billion a year earlier while sales for the full year rose to A$4.03 billion ($3.2 billion) from A$3.6 billion ($2.8 billion).

Fourth quarter production of 15.1 mmboe was 15% higher than the corresponding quarter - brought full-year production to 54.1 mmboe.  This was a 6 percent increase on the previous year and within the company’s guidance range of 53-55 mmboe, Santos said. 

“Notwithstanding the fall in oil prices, Santos has delivered growth in full-year and quarterly production, and record sales revenue,” Santos Managing Director and Chief Executive Officer David Knox said. “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.” 

“We look forward to further growth in 2015 with the start-up of GLNG in the second half of this year,” he added

Knox stated that commissioning of the GLNG LNG plant is well underway, with firing of the first gas turbine generator expected in the coming weeks.  GLNG is more than 90% complete and it remains on time and on budget.