Australian oil and gas explorer Santos on January 21 reported a 36% year/year increase in production for the three months to December 31 (Q4). 

Santos’ output in Q4 was 25.4mn barrels of oil equivalent compared with 18.7mn boe in the same quarter last year. Total sales volume jumped to 31.1mn boe from 24.1mn boe. The company’s sales revenue in Q4 dropped to US$922mn from US$1.03bn in the same quarter of the previous year thanks to lower realised oil, gas and LNG prices. 

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The company’s average realised LNG price in Q4 declined 41% yr/yr, the domestic gas price dropped 4% yr/yr and oil price was lower by 36%.  The full-year 2020 production rose 18% to a record 89mn boe while revenue declined 16% to US$3.4bn. 

Santos has maintained all 2021 guidance provided in December. Production is expected to be in the range of 84-91mn boe and sales volumes in the range of 98-105mnboe. Capital expenditure is expected at approximately US$900mn in the base business and approximately US$700mn for major growth.  

“All 2021 guidance assumes sell-down of 25% interests in Bayu-Undan and Darwin LNG to SK E&S occurs in the first half of 2021,” Santos said.