Santos' 2Q Production Rises 2%

Santos Limited's second quarter production rose 2 percent to 12.4 million barrels of oil equivalent (MMboe) over the previous quarter, boosted by higher quarterly crude oil production from an early startup of the Fletcher Finucane project and from Stag and the Cooper Basin as well as higher gas prices.

Crude oil production reached 2.4 million barrels in the second quarter, or 27 percent higher the previous quarter, when production stood at 1.96 million barrels, the company said in a press release.

Santos' gas production of 51.7 petajoules (8.9 MMboe) was 6 percent lower the corresponding quarter in 2012 as higher output from Darwin LNG (liquefied natural gas) was offset by a production decline in the Cooper and Carnarvon Basins and Indonesia.

Santos' sales revenue of $732 million (AUD 797 million) for the June quarter was 8 percent higher than a year ago, primarily due to higher oil sales and stronger gas prices. The average gas price of $5.15 per gigajoules (GJ) or AUD5.61/GJ for the June quarter was a record and 16 percent higher than a year ago, driven by higher sales from Darwin LNG and higher gas prices in the Cooper Basin and Indonesia.

"Santos continued to achieve significant milestones across the business during the quarter, building the foundations for future growth," Santos CEO David Knox said in the company release.

“We’ve delivered the Fletcher Finucane project on budget and ahead of schedule, announced gas discoveries at the Bassett West, Bianchi and Winchester exploration wells and increased our Cooper Basin acreage.”

Separately, Santos hsa reduced production guidance for 2013 by approximately 3 percent to 52 to 55 MMboe, down from 53 to 57 MMboe previously.


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