Oil and gas producer Santos has lifted its quarterly production by nine per cent and its quarterly revenue by 18 per cent.
Releasing its production report for the second quarter of the year, Santos said production rose to 13 million barrels of oil equivalent (mmboe) compared to 11.9 mmboe in the prior corresponding period.
Sales revenue for the June quarter increased to $739 million from $625 million in the prior corresponding period, boosted by higher oil and gas prices and higher sales volumes.
Santos shares rose 27 cents, or 2.7 per cent, to $10.37 in recent trade.
Santos chief executive David Knox said the on-time start-up of new projects had contributed to the highest quarterly production result since 2009.
‘‘Higher production, including our best quarterly oil output in four years, combined with strong oil and gas prices, has delivered another solid quarterly result, setting a strong foundation for the second half of 2012,’’ Mr Knox said in a statement.
Mr Knox said LNG (liquefied natural gas) projects in Papua New Guinea and Gladstone in Queensland remained on-track for first LNG in 2014 and 2015, respectively.
Santos maintained its production guidance for 2012 at 51-55 mmboe.
But depreciation, depletion and amortisation expenses had been revised upwards to $15/boe, from $14/boe. Other guidance was maintained.
Santos said quarterly crude oil production was the highest in four years, at 2.4 million barrels, and was 46 per cent above the corresponding period due to production from Chim Sao in Vietnam and higher production in the Cooper Basin in Australia.
The average realised oil price for the quarter was $US116.56 per barrel.
Gas production rose four per cent above the prior corresponding period to 55 petajoules (9.5 mmboe), mainly as a result of production from new assets in Western Australia but partially offset by the planned shutdown of Darwin LNG during the current quarter.
The average gas price of $4.83/gigajoule was up five per cent, primarily reflecting higher Indonesian gas prices.
AAP