Santos reports a stellar first half
PERTH (miningweekly.com) – Oil and gas major Santos has reported record interim results for the six months to June, with production growing to 37-million barrels of oil equivalent, up 32% on the previous corresponding period.
“Our disciplined operating model and approach to capital allocation has delivered a strong first-half result and the successful integration of our Western Australian business has exceeded expectations,” said Santos MD and CEO Kevin Gallagher.
Sales volumes for the first half of the year were up 19% on the previous corresponding period, to 45.2-million barrels of oil equivalent, while sales revenues were up by 18%, to A$2-billion.
Santos generated A$300-million in free cash flow during the second quarter ended June, bringing the total free cash flow for the interim period to A$600-million.
“Santos has now delivered free cash flow for 13 consecutive quarters. These cash flows underpin our brownfield growth strategy where we hit a number of significant milestones during the quarter, including farming-in P’nyang and awarding the subsea contract for Barossa.”
Gallagher noted that Santos was also hitting record drilling rates in the onshore business, and completed two appraisal wells for its carbon capture, utilization and storage project in the Cooper basin.
Looking ahead, Santos has narrowed its production guidance for the full year to between 73-million and 77-million barrels of oil equivalent, while sales volumes are expected to reach between 90-million and 97-million barrels of oil equivalent.
Gallagher said that with maintenance activity at the Cooper basin and the Papua New Guinea liquefied natural gas project now completed, stronger production was expected in the second half of the full year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
