By David Winning

SYDNEY--Santos said its oil and natural gas production fell by 7% in its latest quarter, after its operations were disrupted by bad weather and planned maintenance.

Santos reported production of 21.8 million barrels of oil equivalent in the three months through March, down from 23.4 million BOE in the final three months of 2023. Sales volumes were 8% lower at 23.2 million BOE, contributing to a 6% drop in sales revenue to US$1.4 billion.

Still, Santos said its free cash flow from operations totaled US$692 million in the quarter and its gearing was below 20% when operating leases were excluded.

"It positions us well to fund shareholder returns, backfill and sustain our existing business, complete our major projects and grow our Santos Energy Solutions business," said Chief Executive Kevin Gallagher.

Santos reiterated on Thursday that it expects to produce between 84 million and 90 million barrels of oil equivalent this year, down from 91.7 million BOE in 2023. It has also forecast sales volumes of 87 million-93 million BOE, compared with 96.4 million BOE a year ago.

Write to David Winning at

(END) Dow Jones Newswires

04-17-24 1925ET