Oz Santos Reports Record Production

Australian Santos July 18 reported record production for the six months to June (H1 2019) thanks to its Western Australian operations.

Santos’ H1 production was 37mn barrels of oil equivalent, up 32% year-on-year while sales volume was 45.2mn boe, up 19% on the same period of the previous year. Revenue was US$2bn, 18% year-on-year, Santos said.

"Our disciplined operating model and approach to capital allocation has delivered a strong first half result and the successful integration of our Western Australian business has exceeded expectations," CEO Kevin Gallagher said.

Production during the three months to June (Q2 2019) was at a record as well. Santos produced 18.6mn boe during Q2 compared with 14.2mn boe in the same period last year.

Santos has narrowed production guidance for the full year to 73-77mn boe from 71-78mn boe and sales volume guidance to 90-97mn boe from 88-98mn boe. Unit production cost guidance is lowered to US$7.25-7.75/boe from US$7.5-8/boe.