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Santos Q1 Total Sales Revenue Down 13.1%

Oil and gas producer Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its first-quarter total sales revenue declined 13.1% to US$883 million from US$1.02 billion last year.

First quarter production of 17.9 million barrels of oil equivalent or mmboe was 4% lower than the prior quarter, primarily due to an unplanned domestic gas customer outage in Western Australia and the impact of Cyclone Claudia, partially offset by stronger Cooper Basin and Queensland-operated onshore production.

Production guidance for 2020 from the base business,excluding ConocoPhillips acquisition, is maintained at 73-80 mmboe.

On 23 March 2020, Santos announced a US$550 million (38%) reduction in 2020 capital expenditure. This resulted in base business capex guidance of approximately US$750 million and major growth capex guidance of approximately US$150 million for 2020.

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