Santos' 4Q 2013 Sales Revenue Rises to $0.94B, Up 21% YOY
Santos Ltd.'s sales revenue increased 21 percent to $0.94 billion (AUD 1.07 billion) in the fourth quarter of 2013 that ended Dec. 31, 2013, compared to $0.77 billion (AUD 0.88 billion) a year ago, with the record turnover boosted by the firm's highest oil production in six years, strong oil prices and higher third party sales volume, according to financial results released by the company Thursday.
Production in 4Q 2013 stood at 13.1 million barrels of oil equivalent (MMboe), down 1 percent from 13.2 MMboe in the previous year. Santos' oil production of 3 million barrels in 4Q 2013 was 5 percent higher than the previous quarter, driven by higher production from Fletcher Finucane and Chim Sao, while gas production fell 6 percent to 53.2 petajoules (PJ), or 9.1 MMboe, as higher production from the Carnarvon Basin offset lower production in the Cooper Basin and Asia.
Turning to development projects, Santos said the Papua New Guinea (PNG) liquefied natural gas (LNG) is over 90 percent complete and on track for first gas in the second half of 2014, with commissioning gas from the Kutubu field introduced into the upstream Hides Gas Conditioning Plant in December. Commissioning is also ramping up at the LNG plant with gas circulating in train 1, the refrigeration compressors being test run, and the LNG loading jetty and both LNG tanks completed.
Meanwhile, the Gladstone LNG (GLNG) project is over 72 percent complete and on track for first LNG in 2015, with over 230 coal seam gas (CSG) wells drilled for the year, the first new Fairview and Roma wells connected to the new water processing infrastructure, pre-commissioning of the gas transmission pipeline underway and 90 percent of the train 1 modules delivered to Curtis Island.
“In the second half of 2014 the first of these projects, PNG LNG, is on track to commence LNG shipments to Asia, delivering a significant boost in production and cashflow for the company,” Santos Managing Director and CEO David Knox said in the press release.
“The GLNG project remains on track for first LNG in 2015 ... the estimated capital cost for both the PNG LNG and GLNG projects is unchanged.”
Santos' forecast for 2014 production, announced early last month, remains unchanged at 52-57 MMboe, while the estimated capital expenditure (excluding capitalized interest) of $3.08 billion (AUD 3.5 billion).
WHAT DO YOU THINK?
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.
- Malaysia's InvestKL Woos Top Oil, Gas MNCs to Base in Kuala Lumpur
- Petrobangla Invites EOIs for 3 Offshore Exploration Blocks in Bay of Bengal
- Malaysia's SapuraKencana Posts 7.1% Gain in 2Q FY17 PAT to $27M
- TH Heavy Engineering, McDermott End Partnership in Malaysia
- Singapore's NUS Slowly Builds its Petroleum Engineering Program
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea