Australian liquefied natural gas exporter Santos Ltd. said production in the three months through September hit a quarterly record, as it increased output from two major projects.
Total production rose 14% from the prior quarter. The gain followed the company's August loading of the first crude oil cargo from its Pikka field in Alaska, along with a ramp-up in output from its Barossa gas project in Australia, Santos said in a regulatory filing.
Sales revenue jumped 25% from a year earlier as realized LNG prices climbed almost 50%. The strong pricing environment helped lift the company's top line even as it expanded its production base.
The results highlight how Santos is leveraging new developments to boost volumes. The company's Brisbane headquarters, where its logo is displayed at the Santos Place building, serves as the base for these operations. The quarter's performance marks a notable milestone in the company's production history.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing