Santos blames oil prices for sales fall

January 22, 2010

OIL and gas producer Santos says its full-year production was unchanged from the previous year but in line with guidance, though sales revenue fell due to lower oil prices.
A Santos statement issued yesterday said 2009 sales revenue of $2.181 billion was down 21 per cent on 2008, due primarily to lower international oil prices.

The average realised oil price in the December quarter was $US77.86 a barrel, 5 per cent lower than in the same period a year earlier.

Chief executive David Knox said the base business delivered solid production, while the Oyong phase two gas project in Indonesia came on stream in October.

Santos shares closed at $13.48, down 15¢.