Santos quarterly production jumps to record high
- Santos delivered 26.3 million barrels of oil equivalent in the third quarter.
- Sales revenue increased 49% on the prior quarter to ~US$2.01 billion.
- Output was supported by steady operations at Barossa and the startup of Pikka.
Santos (ASX:STO) reached a record quarterly production of 26.3 million barrels of oil equivalent for the third quarter, representing a 14% increase over the prior quarter.
The output figures compare against 23.1 million barrels of oil equivalent produced in the previous quarter and mark a 23% increase over the prior corresponding period.
Sales revenue reached US$2.01 billion for the third quarter, while quarterly free cash flow from operations hit US$1.07 billion.
Santos Managing Director and CEO Kevin Gallagher said the September quarter delivered the step-change in production and cash flow that Santos had been working towards, with record quarterly production and free cash flow from operations as Barossa achieved steady production and Pikka progressed its ramp-up towards plateau production.
Following the announcement, the Santos share price was up at $9.19.
The energy company continues to focus on major growth assets, including steady production from Barossa and early output from the Pikka oil development in Alaska.
The business is also maintaining gas production across its PNG LNG assets and advancing its Moomba carbon capture and storage project.
