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Santos Cuts 1H16 Spending by 58% YOY; Sees Record Production
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Santos has reported its second quarter 2016.
Key Points: Record first half production of 31.1 mmboe, up 10% on the prior half-year. Second quarter production of 15.5 mmboe, up 8% on the corresponding quarter. Average realised oil price decreased 29% to US$43 per barrel for the first half. Upstream production costs of US$8.80/boe, 15% lower than the prior half-year. First half capital expenditure of US$283 million, 58% lower than the prior half-year. GLNG train 2 commenced LNG production on 26 May 2016. GLNG produced 1 million tonnes of LNG in the second quarter and shipped 16 cargoes. As announced on 19 July 2016, Santos has changed its reporting currency to US dollars. All dollar amounts in this report are US dollars, unless otherwise stated.Santos Managing Director and Chief…
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