Santos today confirmed its production and sales were both up in the third quarter.
Third quarter sales volumes were up 31% to 21.3mmboe.
Santos LNG sales volumes more than doubled to 755,500 tonnes. GLNG produced 1.3 million tonnes of LNG in the quarter and shipped 21 cargoes.
Its third production was up 7% to 15.5mmboe.
Its year-to-date capital expenditure down 53% to $438million. Santos’ 2016 guidance reduced to $700million.
Chief executive Kevin Gallagher said: “We are taking the right steps to ensure Santos becomes a strong and sustainable business, and that mindset guides our decision making as we continue to reduce costs and maintain a strong capital discipline. Furthermore, our decision to commence oil price hedging reflects our desire to reduce the effect of commodity price volatility.”
Santos’ 2016 production guidance narrowed to 60 to 62 mmboe and production cost guidance cut to $9-9.50/boe.
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