Australia's Santos Post 2Q 2016 Sales Revenue of $590M, Down 3% YOY

Australia's Santos Ltd. posted a sales revenue of $590 million in the second quarter of 2016 (2Q 2016) that ended June 30, down 3 percent from last year's $611 million despite a 25 percent increase in sales volume to 19.6 million barrels of oil equivalent (MMboe) from 15.7 MMboe in the corresponding period, the firm said Friday in the release of its quarterly financial results.

Hydrocarbon production rose 8 percent to 15.5 MMboe in 2Q 2016, up from 14.3 MMboe in the previous year, while its average realized oil price declined to $49.21 a barrel from $64.58 a barrel.

"There is a lot of work ahead of us but today’s results show we are heading in the right direction," Managing Director and CEO Kevin Gallagher said in the press release, noting that the company’s commitment to lifting productivity and cutting costs was starting to deliver tangible results.

Santos kept its 2016 production and sales volume guidance unchanged at 57-63 MMboe and 76-83 MMboe, respectively. The company allocated $750 million for capital expenditure this year, having spent $283 million in the first half of 2016, down 58 percent in the same period last year.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)
 -  Statoil Makes North Sea Oil, Gas Disco... (Mar 24)
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Analyst
Expertise: Accounting|Financial Analyst
Location: Midland, TX
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
US Houston: Accounting Supervisor (Financial Forecasting)
Expertise: Accounting|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours