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Santos Q4 Production Up 36%

Oil and gas producer Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its fourth quarter production was 25.4 million barrels of oil equivalent or mmboe, up 35.8 percent from 18.7 mmboe in the same quarter last year. Total sales volume for the quarter rose to 31.1 mmboe from 24.1 mmboe in the previous year.

But quarterly sales revenue was US$922 million down from US$1.03 billion in the previous year.

The company noted that 2020 production volumes were at the top end of the upgraded guidance provided at the Investor Day in December and sales volumes exceeded the top end of guidance.

The company maintained 2021 guidance. Production is expected to be in the range of 84-91 mmboe and sales volumes in the range of 98-105 mmboe. Capital expenditure is expected at about US$900 million in the base business and about US$700 million for major growth. All 2021 guidance assumes sell-down of 25% interests in Bayu-Undan and Darwin LNG to SK E&S occurs in the first half of 2021.

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