Australia and OceaniaCorporateLNG Terminals

Australia’s Santos posts record revenue in Q4

By LNG Prime Staff
Australia’s Santos posts record revenue in Q4
PNG LNG (Image: Santos)

Australia’s Santos reported a record sales revenue in the fourth quarter 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 $1.5 billion, up 34 percent, and record annual sales revenue of $4.7 billion, a rise of 39 percent.

In addition, the firm reported a record annual production of 92.1 million barrels of oil equivalent (mmboe), inclusive of 1.7 mmboe from the Oil Search assets.

Santos and PNG-focused Oil Search completed their merger deal worth about A$22 billion ($15.7 billion) last month.

Santos said its average realized LNG price of $13.64 per MMBtu in the fourth quarter increased when compared to $10.36 per MMBtu in the prior quarter. It rose more than two times from $5.34 per MMBtu the firm logged in the fourth quarter 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.

The company’s LNG projects shipped 68 cargoes in the fourth quarter, of which 12 cargoes were sold at JKM spot prices.

Also, the Santos-operated GLNG plant delivered a record 6.4 million tonnes of LNG sales in 2021.

Santos expects free cash flow to be around $1.5 billion in 2021, more than double the level in 2020.

Most Popular

Vessels

Nakilat says no one injured after LNG carrier attack

Qatari LNG shipping giant Nakilat said that no one was injured after its 266,000-cbm Q-Max LNG carrier Al Mayeda was hit by "unidentified objects" while transiting the Arabian Gulf on Friday evening.
LNG Terminals

ExxonMobil boosts Rovuma LNG stake

US energy giant ExxonMobil has increased its stake in the planned Rovuma LNG project in Mozambique through a deal with Italy's Eni, while the company still targets a final investment decision by the end of this year, according to ExxonMobil CEO Darren Woods.
LNG Terminals

Technip Energies ready to hand over first NFE LNG train to QatarEnergy

French LNG engineer Technip Energies is ready to hand over the first train of the North Field East LNG project in Qatar to state-owned LNG giant QatarEnergy, while the second train has already started commissioning, according to Technip Energies CEO Arnaud Pieton.

More News Like This

Corporate

Santos reports record quarterly production

Australian LNG player Santos reported record quarterly production of 26.3 mmboe in the third quarter, while Barossa feed gas to Darwin LNG also hit a new record peak of about 600 mmscf per day.
Contracts and Tenders

Australia’s Santos strengthens LNG portfolio with new deals

Australian LNG player Santos has signed two separate, non-binding LNG agreements that underscore the company’s growing global LNG portfolio position. Santos entered into a non-binding heads of agreement to buy LNG from the Ksi Lisims LNG project in Canada and the company agreed key commercial terms with South Korea's Posco Steel to supply the latter with LNG.
Corporate

Australia’s Santos kicks off drilling of first Beetaloo appraisal well

Australian LNG player Santos on Tuesday announced the spudding of its first appraisal well in the Beetaloo Basin, marking a "major" milestone towards unlocking a new source of long-term gas supply for Australian households, businesses, and industry.
LNG Terminals

TotalEnergies to transfer Papua LNG operatorship to ExxonMobil

French energy giant TotalEnergies said on Monday that Papua LNG has achieved "major" contractual and commercial milestones, marking "decisive" steps towards a final investment decision. These include completing the EPC tendering process and transferring Papua LNG operatorship to US energy giant ExxonMobil, operator of the PNG LNG project.