Australia's Santos reports 33% drop in Q3 revenue

Australian energy company Santos on October 19 reported a 33% year/year drop in third-quarter revenue due to lower realised product prices. Revenue for the three months ended September was $1.44bn, compared with $2.15bn in the same period last year.

However, revenue rose 7.5% quarter/quarter, helped by increased crude oil volumes and higher prices. The average realised LNG price in Q3 was $12.02/mn British thermal units (mnBtu), compared with $16.76/mnBtu last year and $11.96/mnBtu in Q2 2023. The average crude oil price was $89.97/barrel, compared with $108.21/barrel last year and $82.91/barrel in Q2 2023.

Santos CEO Kevin Gallagher said that the Moomba CCS project is now 75% complete and on track for start-up in mid-2024. Once operational, the Moomba CCS project will securely and permanently store up to 1.7mn tonnes/year of CO2 in depleted reservoirs that previously held oil and gas for millions of years.