Santos year-on-year production down in Q2, revenue rises By Martin Kovacs, 20 Jul 2017

Santos has recorded production of 14.7 MMboe in the second quarter, down from 15.5 MMboe year-on-year, with sales revenue of US$769 MM up from US$591 MM.

Santos posted total sales of 21.5 MMboe for the quarter, up from 19.6 MMboe year-on-year.

“Compared to the end of 2016, our net debt position is US$600 MM lower to US$2.9 B and our forecast free cash flow breakeven for 2017 now sits at US$33 per bbl, well below the US$47 per bbl at the beginning of 2016,” Santos Managing Director and Chief Executive Officer Kevin Gallagher commented.

“These are strong outcomes that highlight Santos’ ongoing transformation into a low-cost, reliable and high-performance business with a robust asset portfolio that can generate significant free cash flow in a lower oil price environment.”

Santos has increased its production guidance for 2017 to 57–60 MMboe.