Oil and gas producer Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its third quarter production decreased to 21.3 million barrels of oil equivalent or mmboe from 21.6 mmboe last year.
Total sales volume for the third quarter was 21.5 mmboe down from 21.7 mmboe in the prior year.
Quarterly sales revenue declined to US$1.13 billion from US$1.27 in the prior year.
The full-year production guidance has been revised to a range of 89 to 91 mmboe, down from the previous estimate of 90 to 95 mmboe. This adjustment is mainly attributed to the slower-than-expected start-up of the BW Opal floating production storage and offloading vessel, as well as the impact of flooding on operations in the Cooper Basin. Recovery efforts in the region are ongoing, but progress has been hindered by floodwaters receding more slowly than anticipated, leaving 155 wells still offline heading into the fourth quarter.
The company now expects annual sales volumes to range between 93 and 95 mmboe, revised from the previous outlook of 92 to 99 mmboe.
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