Australian oil and gas producer Santos Ltd. on Jan. 22 reported sales revenue of $1.03 billion for the fourth quarter of 2019, down from sales revenue of $1.04 billion recorded for the fourth quarter of 2018.
Sales volumes for the fourth quarter of 2019 came in at 24.1 million barrels of oil equivalent, increasing sharply from 20.7 million boe during the same quarter in 2018.
Average realized LNG prices amounted to $9.07/MMBtu for the fourth quarter of 2019 compared to $10.96/MMBtu during the prior-year quarter. On the other hand, average realized oil prices increased to $73.49 per barrel compared to $68.81/bbl for the corresponding period in 2018.
Production totaled 18.7 million boe in the fourth quarter of 2019, increasing from 15.9 million boe in 2018.
Santos also updated its guidance for 2019. The company is expecting sales volumes of 94.5 million boe, at the upper end of its previously announced range of 93 million boe to 95 million boe. Production is expected at 75.5 million boe compared to the previous range of 74 million boe to 76 million boe. The company narrowed its 2019 guidance in December 2019.