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Santos Q4 Production Rises

Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its fourth quarter production rose 6% to 15.9 mmboe due to sustained strong performance from the core portfolio and acquisition of Quadrant Energy, partially offset by the sale of the non-core Asian assets.

Record quarterly sales revenue was $1.043 billion, up 7% and including record quarterly LNG sales revenue of $449 million, up 11%. Record annual sales revenue was $3.696 billion, up 19% from last year.

As at 31 December 2018, Santos had cash and cash equivalents of $1.3 billion and total debt of $4.9 billion, resulting in net debt of $3.6 billion and gearing of approximately 33%.

Santos expects 2019 sales volumes to be in the range of 88-98 mmboe and production to be in the range of 71-78 mmboe. Further 2019 guidance will be provided at Santos' 2018 full-year results on 21 February 2019.

The 2019 first quarter activities report will be released on Wednesday 17 April 2019.

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