Australian Santos Reduced Hydrocarbon Production by 2% in the First Quarter
In the first quarter of 2024, the Australian company Santos Ltd. decreased hydrocarbon production by 2% compared to the same period in 2023 – to 21.8 million barrels of oil equivalent. The company’s press service reported this.
Sales volumes decreased by 3% to 23.2 million barrels of oil equivalent, and revenue fell 14% to $1.398 billion. In January-March, compared to the previous quarter, production decreased by 7%, sales by 8%, and revenue by 6%. The average selling price of oil in the first quarter was $89.14 per barrel compared to $88.04 in October-December and $87.59 in January-March 2023. The LNG price was $12.68 per million BTU, down from $12.33 in the fourth quarter and $14.46 in the first quarter of 2023.
Santos confirmed its production forecast for 2024 in the range of 84-90 million barrels of oil equivalent and sales – 87-93 million barrels of oil equivalent. Capital expenditures are also planned at $1.6 billion. Santos shares rose 1.8% on Friday. The company’s capitalization has increased by 2.5% over the past three months, while the S&P/ASX 200 stock index has risen by 2%.
