Australian company Santos’ quarterly revenue jumps on strong commodity prices

Australian gas producer Santos Ltd posted a 66% jump in fourth-quarter revenue on Thursday, boosted by high prices and buoyant demand in Asia and Europe as global economies continued to recover from the pandemic.

Average liquefied natural gas (LNG) prices and crude oil futures prices have risen sharply over the past year against a backdrop of tight supply and low inventories of this superchilled fuel in Europe.

Santos, which became one of the world’s top 20 oil and gas companies after acquiring Oil Search -bln-2021-08-01 for $6.2 billion last year, said at /2924-02477194-2A1352029?access_token=83ff96335c2d45a094df02a206a39ff4 that it earned an average of $13.64 per million British thermal units (mmBtu) for its LNG during the quarter, more than twice as much as a year ago. a year.

This brought its revenue to $1.53 billion for the quarter ended Dec. 31, including Oil Search’s contribution since Dec. 10, when its merger with Santos became effective. This figure is slightly lower than the $1.57 billion estimate based on Refinitiv’s full-year guidance and year-to-date revenue.

Last year, Santos reported revenue of $922 million.

Production in the December quarter, however, fell to 22.9 million barrels of oil equivalent (mmboe) from 25.4 mmboe last year, missing RBC’s estimate of 23.6 mmboe. Annual production was 92.1 mmboe, or 3.5% more than a year ago.

Santos said it would provide guidance for 2022 with its annual results on February 16. (Reporting by Sameer Manekar Bengaluru; editing by Devika Syamnath)

Source link -88