Australia’s Santos reports record sales revenue in January-June

Australia’s Santos reported a record sales revenue in the first half of this year on the back of high liquefied natural gas (LNG) prices.

The independent LNG producer said on Thursday that its January-June sales revenue rose 85 percent to $3.8 billion, while it reported a record free cash flow of $1.7 billion, up 199 percent on the corresponding period.

In the second quarter, sales revenue reached $1.87 billion, almost flat when compared to the prior quarter and an increase of some 74 percent when compared to $1.08 billion in the same period last year.

Also, the firm said its second-quarter production of 25.5 million barrels of oil equivalent (mmboe) was slightly lower than the first quarter, primarily due to expected natural field decline at Bayu-Undan and major planned maintenance outages at PNG LNG, Darwin LNG, and the Cooper Basin.

Santos is now a bigger company following the completion of the merger deal with PNG-focused Oil Search in December.

The Australian LNG player said its average realized LNG price of $14.66 per MMBtu in the second quarter increased when compared to $13.77 per MMBtu in the prior quarter.

It almost rose two times from $7.52 per MMBtu the firm logged in the second quarter of last year.

The average realized LNG price was higher than the prior quarter reflecting the linkage of sales contracts to an improving lagged Japan Customs-cleared Crude (JCC) price, partially offset by lower average JKM spot prices, Santos said.

Most Popular

McDermott bags Monkey Island LNG gig

Houston-based McDermott has secured a contract from Monkey Island LNG for its planned natural gas liquefaction facility in Cameron Parish, Louisiana.

NextDecade takes FID on fourth Rio Grande LNG train

US LNG firm NextDecade has made a final investment decision on the fourth train at its Rio Grande LNG facility in Texas.

Equinor eyes LNG carrier order

Norwegian energy firm Equinor is interested in booking liquefied natural gas (LNG) carriers at yards in South Korea and China, according to shipbuilding sources.

More News Like This

Santos CEO expects Papua LNG FID in early 2026

France's TotalEnergies and its partners plan to take a final investment decision on the Papua LNG export project in Papua New Guinea in the first quarter of 2026, according to Santos CEO Kevin Gallagher.

Santos further extends exclusivity period for Adnoc takeover

Australian LNG player Santos has further extended the exclusivity period for its proposed $18.7 billion takeover by a consortium led by Adnoc's investment unit, XRG.

Santos says Adnoc takeover deal delayed

Australia LNG player Santos said on Tuesday that a consortium led by Adnoc's investment unit, XRG, would not be able to finalize the previously announced $18.7 billion takeover bid for another four weeks.

Santos wins GLNG court battle against Fluor

Australian LNG player Santos has secured a court battle over Gladstone LNG project construction work that will see a unit of Fluor paying out more than A$692 million ($451.5 million). Santos also announced that it has granted an extension to the XRG consortium to enable the consortium to finalize due diligence and progress a scheme implementation agreement.