Santos Sees Revenue Jump, Raises Output Forecast

Sameer Manekar
Thursday, July 22, 2021

Australia's Santos Ltd increased the lower end of its annual production outlook on Thursday and reported a 37% jump in second-quarter revenue, helped by higher prices and increased demand for natural gas.

The country's second-largest independent gas producer now expects to produce between 87 and 91 million barrels of oil equivalent (mmboe) in 2021, higher than its previous forecast of 84-91 mmboe.

The company's production rose to 22.5 million barrels of oil equivalent (mmboe) for the three months ending June 30, higher than the 20.6 mmboe produced last year.

Prices for natural gas were at multi-year highs as of June-end, bolstered by increased stocking and high temperatures in the Northern Hemisphere, which led to increased demand for power generation.

The average sales price that Santos got for its liquefied natural gas (LNG) during the June quarter rose to $7.52 per metric million British thermal units (mmBtu), compared with $6.12 per mmBtu during the sequentially previous quarter.

The company's quarterly sales revenue rose to $1.08 billion from $785 million a year earlier.

Santos said it now expects annual sales volume to be between 100 mmboe and 105 mmboe, compared with its previous forecast of 98-105 mmboe. 

(Reporting by Sameer Manekar in Bengaluru; Editing by Shounak Dasgupta)


Categories: People & Company News Energy Activity Production Australia/NZ

Related Stories

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

CNOOC’s South China Sea Oil Field Goes On Stream

Current News

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Mitigate SCC & HE to Keep Offshore Metal Structures Ship Shape

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com