Quarterly / Earnings Reports | Second Quarter (2Q) Update | Capital Markets | Capital Expenditure
Santos Talks Significant Spending Cuts, Production Jump in 2Q
Print
|
Santos today announced higher second quarter production and higher sales volumes, as well as significant reductions to both capital and operating expenditure.
Second quarter production of 14.3 million barrels of oil equivalent (mmboe) and sales volumes of 15.7 mmboe were 12% and 4% higher than the corresponding quarter.
Sales revenue fell 19% on the corresponding quarter, affected by the lower realised oil price, partially offset by higher domestic gas prices and a weaker Australian dollar.
Santos Managing Director and Chief Executive Officer David Knox said he was pleased with the production growth and the progress the company had made on taking costs out of the business: "Santos is taking positive steps to strengthen the company’s operating position in the lower oil price environment. Year to date capital expenditure is 53% below 2014 levels and our production costs for the first half are tracking below guidance at A$14.0 per boe.
"Our flagship GLNG project is progressing well as we move toward first LNG around the end of the third quarter. All upstream facilities are commissioned and fully operational, and we are making excellent progress on Curtis Island."
More Second Quarter (2Q) Update News
Berry Reaffirms FY25 Guidance; Uinta Wells Drive 2H Growth
Berry Corporation delivered a steady second quarter update that reinforced the company’s core message for 2025: production is on plan, guidance is intact, and the hedge book is…
SM Energy Hits Record Output; Driven by Uinta
In Q2 2025, SM Energy (NYSE: SM) delivered a performance that underscored its evolution from a mid-cap E&P into a streamlined, tech-enabled operator executing a multibasin optimization strategy.…
Expand Energy Talks, Wells, Frac Crews, Production For 2H-2025
In the second half of 2025, Expand Energy is not chasing production growth — it's engineering it. Fresh off record-setting drilling performance in Q2, the company is approaching…
Comstock Rides Higher Gas Prices, Operational Momentum in Q2 2025
Comstock Resources delivered a resilient second quarter, capitalizing on higher natural gas prices and solid well results across the Haynesville and Bossier plays. The company reported strong production…
A Quarter of Quiet Strength: CNX’s Patient Ascent in Appalachia
In the heart of Appalachia, CNX Resources continued to methodically execute on a playbook built for resilience and long-term value. Q2 2025 marked the company’s 22nd consecutive quarter…
Austral-Asia News
Chevron First Quarter 2023 Results
Chevron Corp. announced its first quarter 2023 results. Highlights Reported earnings of $6.6 billion; adjusted earnings of $6.7 billion Cash flow from operations of $7.2 billion; free cash…
Chevron Fourth Quarter, Full Year 2022 Results
Chevron Corp. reported its fourth quarter and full year 2022 results. Chevron reported earnings of $6.4 billion ($3.33 per share - diluted) for fourth quarter 2022, compared with…
Chevron Third Quarter 2022 Results
Chevron Corp. reported its third quarter 2022 results. Chevron reported earnings of $11.2 billion ($5.78 per share - diluted) for third quarter 2022, compared with $6.1 billion ($3.19…
Civeo Corp. Second Quarter 2022 Results; Raises Guidances
Civeo Corp. reported financial and operating results for the second quarter ended June 30, 2022. Bradley J. Dodson, Civeo's President and Chief Executive Officer, commented: "In the second…
Chevron Promotes Knowles to VP / Controller Role
Chevron Corp. announced the appointment of Alana K. Knowles as vice president and controller, effective March 1, 2023. Knowles will succeed David A. Inchausti, who will resign from…