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Santos Q1 Production Up 33%

Oil and gas producer Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its first quarter production was 33% higher than the corresponding quarter primarily due to the completion of the acquisition of Quadrant Energy in November 2018 combined with the PNG LNG earthquake impact in the corresponding quarter, partially offset by the sale of the non-core Asian assets in September 2018.

Production guidance is maintained at between 71 million barrels of oil equivalent and 78 million barrels of oil equivalent and sales volumes between 88 million barrels of oil equivalent and 98 million barrels of oil equivalent for 2019.

First quarter production of 18.4 million barrels of oil equivalent was a record for Santos and 33% higher than the corresponding quarter. Production in the quarter was impacted by cyclone activity in Western Australia and by facility outages in the Cooper Basin.

Sales volumes of 22.8 million barrels of oil equivalent were 21% higher than the corresponding quarter.

Sales revenue was up 28% to $1.02 billion, the second highest quarterly revenue on record, the company said.

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