By Stuart Condie
SYDNEY–Australian oil and gas producer Santos said sales revenue rose by 7% in the September quarter compared with the prior three months, reflecting higher crude-oil volumes and increased commodity prices for all its products.
Santos on Thursday reported quarterly sales revenue of $1.44 billion, up from $1.34 billion in its fiscal second quarter. The rise came against a backdrop of a 2% quarterly rise in oil and gas production to 23.2 million barrels of oil equivalent.
Santos said its free cash flow was around $470 million in the quarter.
“Free cash flow of $1.6 billion year-to-date positions the company well to deliver shareholder returns, backfill and sustain our existing business, while also investing in our major projects,” Chief Executive Kevin Gallagher said.
Santos made no changes to guidance for annual production, sales, capital expenditure and costs, but said it would update its outlook after completing the previously announced selldown of its stake in the PNG LNG liquefied natural-gas project.
Write to Stuart Condie at [email protected]
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