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Santos posts increase in Q3 revenues, production

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Santos posts increase in Q3 revenues, production

In its quarterly activities report released Oct. 18, Santos Ltd. reported third-quarter sales revenues of $973 million, up from the $793 million noted during the same period a year ago

LNG sales accounted for close to half of the company's revenues and were pegged at $405 million for the quarter compared to $293 million in the same period in 2017.

Total production for the quarter was 15 million barrels of oil equivalent, matching the 15 MMboe seen during the same quarter a year ago.

Average realized prices also rose with the firm reporting an oil price of $81.09 per barrel, up significantly from $53.28/bbl in the third quarter of 2017. LNG prices also noted an increase at $10.43/MMBtu in for the quarter, up from $7.50/MMBtu in the same period a year ago.

The company also updated its 2018 guidance with sales volumes expected to range from 74 MMboe to 76 MMboe compared to the 72 MMboe to 76 MMboe range from the previous guidance. In addition, production is projected to range from 56 MMboe to 58 MMboe, also up slightly from 55 MMboe to 58 MMboe in the previous guidance. CapEx guidance was lowered to $725 million to $775 million compared to the prior range of $775 million to $825 million.