Santos announced a year-on-year decline in second-quarter revenue.

Australian oil and gas producer Santos reported second-quarter revenue of US$1.31 billion, down year-on-year and quarter-on-quarter, due to lower realized liquefied natural gas (LNG) prices. The Australian oil and gas producer maintained sales volumes at 23.2 million barrels of oil equivalent (boe), unchanged from both the prior quarter and the same quarter a year earlier. However, according to the company’s quarterly report released on Thursday, revenue declined by US$85 million quarter-on-quarter and US$23 million year-on-year, as weaker LNG prices offset gains in oil, liquefied petroleum gas (LPG), and condensate prices. Santos’ average LNG sales price fell to US$11.47 per million British thermal units (MMBtu) during April–June, down from US$12.68/MMBtu in the first three months of 2024 and US$11.96/MMBtu in the corresponding quarter of 2023. Meanwhile, its average oil price rose to US$89.48 per barrel, up from US$89.14 per barrel in Q1 2024 and US$82.91 per barrel in the same period last year. Headquartered in Adelaide, Santos produced 22.2 million boe in Q2 2024—down from 22.8 million boe a year earlier but up from 21.8 million boe in Q1 2024. The majority of Santos’ production comes from Western Australia, with additional producing assets in Papua New Guinea and Timor-Leste. In Q1 2024, the company generated US$380 million in free cash flow from operations. Managing Director and CEO Kevin Gallagher stated in a press release: “The nearly US$1.1 billion in cash flow generated in the first half enables us to fund shareholder returns, replenish and sustain our existing business, and grow our Santos Energy Solutions business.”

Oil and gas explorer Santos recorded annual production of 92.1 million barrels of oil equivalent, up 4% year-on-year—a record high.

【ASX News Platform – 61 Financial, January 20】 Oil and gas explorer Santos (ASX: STO) issued an operational update for the December quarter on Thursday. According to the update, the company achieved production of 22.9 million barrels of oil equivalent (boe) for the quarter—an increase of 5% over the prior quarter but slightly below market expectations. Nevertheless, this brought its full-year production to a record 92.1 million boe, up 4% year-on-year. This figure includes 1.7 million boe contributed by Oil Search assets, which were fully integrated following the merger completed on December 11. The company noted that quarterly sales volume also rose by 7%, reaching 26.0 million boe. However, full-year sales volume declined by 3% year-on-year to 104.2 million boe. Benefiting from higher commodity prices, Santos’ quarterly revenue increased by 34% to US$1.532 billion, while annual revenue rose by 39% to US$4.714 billion.

Santos Posts Record Quarterly Output on New LNG, Oil Projects

20 hours ago

Santos Ltd. reported a record quarterly production increase of 14%, driven by new output from its Alaska Pikka field and Australia's Barossa gas project, with sales revenue jumping 25% amid rising LNG prices.

bloomberg

2026-10-21

Santos Posts Record Quarterly Output on New LNG, Oil Projects

Santos Posts Record Quarterly Output on New LNG, Oil Projects

FAQ