Australia’s Santos posts record quarterly revenue

Australia’s Santos reported a record sales revenue in the first quarter of this year on the back of high LNG prices and strong production.

The independent LNG producer said on Thursday that stronger commodity prices and higher sales volumes had delivered quarterly sales revenue of $1.92 billion, up 25 percent compared to the prior quarter and 99 percent year-on-year.

In addition, the firm reported a record quarterly production of 26 million barrels of oil equivalent (mmboe), including the Oil Search assets.

Santos and PNG-focused Oil Search completed their merger deal in December.

Strong production combined with higher commodity prices also delivered record quarterly free cash flow of $865 million, an increase of 186 percent from the corresponding period last year, Santos said.

The Australian LNG player said its average realized LNG price of $13.77 per MMBtu in the first quarter increased when compared to $13.64 per MMBtu in the prior quarter.

It rose more than two times from $6.12 per MMBtu the firm logged in the first quarter of last year.

The higher average realized LNG price reflects the linkage of sales contracts to an improving lagged Japan Customs-cleared Crude (JCC) price and higher JKM spot prices, it said.

As per LNG deliveries, the company’s LNG projects shipped 60 cargoes in the first quarter, of which Santos sold 13 cargoes at JKM spot prices.

Most Popular

CoolCo seeks long-term employment for two LNG carriers

In August, Coolco said it plans to employ its first newbuild LNG vessel, Kool Tiger, on a shorter deal...

LNG Canada pipeline enters commercial service

Canada's TC Energy said on Tuesday CGL had executed a commercial agreement with LNG Canada and CGL customers that...

Japan’s K Line on track with LNG fleet growth plans

According to K Line's latest financial report, the firm had 46 LNG carriers in its fleet as of the...

More News Like This

Santos: Barossa project almost 84 percent complete

Santos said in its investor update on Tuesday that the project was 83.5 percent complete as at October 31,...

Santos: Angore project boosts PNG LNG

Santos announced the completion of the project worth about $1.2 billion in a statement on Tuesday. Angore has performed "strongly"...

Kumul gets advance payment from Chevron for PNG LNG cargoes

Kumul said in a statement it recently closed an agreement with Chevron USA (Singapore Branch) that will further Kumul’s...

Santos, Kumul wrap up PNG LNG stake sale

Santos said on Monday it has received the final payment of $241 million, taking total cash consideration to $602...