Santos Lifts 3Q Revenue 7% Amid Higher Commodity Prices
By Stuart Condie
SYDNEY--Australian oil and gas producer Santos said sales revenue rose by 7% in the September quarter compared with the prior three months, reflecting higher crude-oil volumes and increased commodity prices for all its products.
Santos on Thursday reported quarterly sales revenue of $1.44 billion, up from $1.34 billion in its fiscal second quarter. The rise came against a backdrop of a 2% quarterly rise in oil and gas production to 23.2 million barrels of oil equivalent.
Santos said its free cash flow was around $470 million in the quarter.
"Free cash flow of $1.6 billion year-to-date positions the company well to deliver shareholder returns, backfill and sustain our existing business, while also investing in our major projects," Chief Executive Kevin Gallagher said.
Santos made no changes to guidance for annual production, sales, capital expenditure and costs, but said it would update its outlook after completing the previously announced selldown of its stake in the PNG LNG liquefied natural-gas project.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
October 18, 2023 19:19 ET (23:19 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now