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    Santos' sales revenue jumps 75% in Q2

Summary

Production in Q2 rose 13.3% yr/yr.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania

Santos' sales revenue jumps 75% in Q2

Australian energy company Santos on July 21 said its sales revenue jumped 75% year/year in the second quarter (Q2) thanks to higher gas and LNG prices.

The Adelaide-based company said its sales revenue in Q2 was $1.88bn compared with $1.08bn last year. The average realised LNG price in Q2 was $14.66/mn Btu, up from $7.52/mn Btu. Santos’ average realised domestic gas price was $5.08/GJ versus $4.74/GJ.

Production in Q2 rose 13.3% yr/yr to 25.5mn barrels of oil equivalent from a year earlier. The Q2 production was slightly lower than Q1, primarily due to expected natural field decline at Bayu-Undan and major planned maintenance outages at PNG LNG, Darwin LNG and the Cooper basin. Santos trimmed the 2022 full-year production and sales volume guidance to 102-107mn boe and 110-116mn boe, respectively. 

Santos last year became a global top-20 oil and gas firm after its $6.2bn buyout of fellow Australian company Oil Search. It will release its results for the half-year on August 17.