Santos Limited (STO)
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.
Santos has released its latest quarterly report, announcing production of 12.1 million barrels of oil equivalent (mmboe). The result was 2% lower compared to same quarter last year.
The firm blamed the lower output on the dry docking of its Mutineer-Exeter operation and lower oil production at its Cooper Basin. Despite the fall, the company reaffirmed its FY13 production guidance of 53 – 57mmboe.
Looking ahead, the company put faith in its major gas projects, confirming that Santos’s PNG LNG and GLNG projects remain on track for first LNG in 2014 and 2015 respectively.
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Head of Corporate Research
LLB BEc Dip FS(FP) Dip TA(ATAA) CFTe(IFTA)
Head of Research and Trading