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.

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