By David Winning


SYDNEY--Santos said its oil and natural gas output edged up in the latest quarter versus the three months through March, but that sales revenues declined slightly.

Santos reported production of 22.2 million barrels of oil equivalent in the three months through June, up from 21.8 million BOE in the first quarter. That puts Santos on track to achieve annual guidance of between 84 million and 90 million BOE.

The Adelaide-based company said its second-quarter performance benefited from improved weather in Western Australia and less maintenance work.

Quarterly sales revenues totaled US$1.31 billion, roughly unchanged on a year earlier. Free cash flow from operations was US$380 million, bringing the half-year total to US$1.06 billion.

"Second quarter sales revenues were slightly lower than the prior quarter, primarily due to lower LNG and crude oil volumes, which were offset by higher realised prices for domestic gas, crude oil, condensate and LPG," Santos said in a regulatory filing.

Santos said it continued to make good progress on its growth projects, with the Barossa natural-gas development offshore Australia now 77% complete and the Pikka oil project in Alaska around 56% complete.

"I am very pleased that both the Barossa pipelaying activities and the installation of the modules on to the FPSO in Singapore are now complete and other activities are on track for offshore commissioning to commence in the first quarter of 2025," Chief Executive Kevin Gallagher said.


Write to David Winning at david.winning@wsj.com


(END) Dow Jones Newswires

07-17-24 1940ET