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Santos Q2 Production Up 10.7%; Updates 2020 Production Outlook

Oil and gas producer Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its second quarter production was 20.6 million barrels of oil equivalent or mmboe, up 10.75 percent from 18.6 mmboe in the same quarter last year. Total sales volume for the quarter rose to 24.6 mmboe from 22.4 mmboe in the previous year.

But quarterly sales revenue was US$785 million down from US$959 million in the previous year.

Looking ahead for 2020, the company expects production to be in the range of 83-88 mmboe compared to the prior outlook of 81-89 mmboe. It also expects sales volume to be between 101 and 107 mmboe, compared to the previous estimation of 101-109 mmboe.

The guidance included the ConocoPhillips acquisition from the completion date of 28 May 2020, when Santos' interest in Bayu-Undan and Darwin LNG increased to 68.4%.

Santos announced on 21 July that it expects to recognise a non-cash impairment charge in the range of US$490-560 million after tax in the 2020 half-year results. The impairment charge was due to revised oil price assumptions resulting from the effects of the COVID-19 pandemic on energy market demand fundamentals.

The company said that it will release its results for the half-year ended 30 June 2020 on 20 August 2020.

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