Australia’s Santos logs higher quarterly revenue

Australian independent LNG producer Santos reported a 37 percent rise in second-quarter revenue on the back of higher oil and gas prices.

Santos said in a statement its quarterly revenue increased to $1.08 billion from $785 million in the second quarter in 2020.

The firm said it produced 22.5 million barrels of oil equivalent (mmboe) during the April-June period, a rise when compared to 20.6 mmboe last year.

Moreover, the average realised LNG price of $7.52 per MMBtu increased when compared to $6.12 per MMBtu in the prior quarter, but it dropped from $8.27 per MMBtu the firm logged in the second quarter last year.

Chief executive Kevin Gallagher said Santos had delivered “another strong quarter” of production, sales volumes and revenues, as the business benefited from stronger demand and higher prices.

“Our disciplined, low-cost operating model continues to drive strong performance with $572 million of free cash flow generated in the first half, and the business remains on track to deliver a free cash flow breakeven oil price of $25 per barrel this year. At current oil prices, Santos should generate over $1.1 billion in free cash flow in 2021,” Gallagher said.

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