Santos Limited (STO) Increases First Quarter Revenue By 50%


Santos Limited (STO) First Quarter Revenue Up 50%

Santos Limited (STO) First Quarter Revenue Up 50%

Santos Limited explores for and produces natural gas, crude oil, condensate, naphtha and liquid petroleum gas.  The Company conducts major onshore and offshore petroleum exploration activities at oil and gas fields in Australia (Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and Papua New Guinea. The Company also transports crude oil by pipeline. The company is Australian based and is member of S&P/ASX 200.

Santos reported first-quarter revenue of $754 million a 50% jump compared to the prior corresponding period.

CEO David Know said that “Higher production, combined with strong oil and gas prices, has delivered a solid first quarterly result, setting a strong foundation for 2012”.

The company maintained its annual production guidance of between 51 million and 55 million barrels of oil.

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