The third quarter revenue was 38% higher than the previous record of $553 million in the second quarter of 2005, and up 82% on the third quarter of 2004.
The September quarter result takes Santos' revenue to $1.78 billion for the first nine months of this year – up 76% on the previous corresponding period and already $283 million higher than the record $1.50 billion full year revenue achieved in 2004.
Total third quarter production of 14.9 million barrels of oil equivalent (mmboe) was 9% above the second quarter result, taking total production for the first three quarters of 2005 to 41.2 mmboe. The average realised gas price for the third quarter increased by 10% to $3.62 per gigajoule (GJ) from $3.30 per GJ in the same period of 2004, and the average realised oil price of A$77.60 (US$58.00) per barrel was 10% higher than A$70.20 (US$54.06) in the second quarter.
"The third quarter result continues the record performance for Santos in 2005 and reflects the Company's growth focus of recent years," Santos' Managing Director, Mr John Ellice-Flint, said today.
"The increased revenue reflects the start up of a number of new projects at a time of high energy prices," he said.
Mr. Ellice-Flint said the major driver of the improved production was the Mutineer-Exeter development in the Carnarvon Basin offshore Western Australia, where gross third quarter production averaged almost 80,000 barrels of oil per day.
"We are on track to achieve our upgraded 2005 production guidance of approximately 55 mmboe for the full year," he said.
"Another four new projects due to start up next year are expected to fuel annual production growth of a further 10% in 2006," he said.
Other developments during the September quarter included:
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