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Santos Q3 Production Flat; Narrows FY Production And Sales Volumes Guidance

Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its third quarter production was 15 million barrels of oil equivalent or mmboe, same with last year. Sales revenue grew 22.7% year-over-year to US$973 million, including record quarterly LNG revenues of US$405 million.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said, "Santos' third quarter results serve to highlight the benefits of a cash generative core asset portfolio and our low-cost, disciplined Operating Model. During the quarter we paid our first dividend in two and a half years and achieved our net debt target of $2 billion more than a year ahead of plan."

Santos said it is now positioned for growth with a number of upstream brownfield development opportunities leveraging existing infrastructure positions across each of our five core assets and is targeting production of more than 100 mmboe by 2025, almost doubling current levels of production.

Santos raised the lower end of its 2018 production outlook to 56-58 mmboe from 55-58 mmboe. The sales volume is expected to be in the range of 74-76 mmboe compared to the prior outlook of 72-76 mmboe.

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