Santos (ASX:STO) annual production 18% above prior year

Santos (ASX:STO) has recorded annual production of 89 million barrels of oil equivalent for their fourth quarter, 18 per cent above the prior year and at the top end of upgraded guidance provided in December.

Fourth quarter sales revenue of US$922 million, up 16 per cent, primarily due to stronger Liquefied Natural Gas (LNG) sales volumes, up 23 per cent and prices, up 25 per cent.

Significant milestones were achieved on the Barossa LNG project during the fourth quarter, including execution of a long-term LNG offtake agreement with Mitsubishi for 1.5 million metric tonnes per year of Santos equity LNG.

They also executed agreements to transport and process Barossa gas through Darwin LNG, and had regulator and joint venture consents for the sell-down of interests in Bayu-Undan and Darwin LNG.

Shares in Santos (ASX:STO) are trading 0.5 per cent higher at $7.44.
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Source: Finance News Network