An indication for Santos Ltd is displayed on the entrance of the corporate’s workplace constructing within the rural township of Gunnedah, situated in north-western New South Wales in Australia, March 9, 2018. Picture taken March 9, 2018. REUTERS/David Gray
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April 21 (Reuters) – Australian gasoline producer Santos Ltd (STO.AX) mentioned on Thursday its revenue doubled within the first quarter, boosted partly by its takeover of Oil Search and as liquefied pure gasoline (LNG) prices soared on robust demand and curbed provide from Russia.
Santos turned a worldwide prime 20 oil and gasoline agency final yr after its $6.2 billion buyout of Oil Search, and has in latest months benefited from a surge in LNG prices following the Russian invasion of Ukraine.
The assault has prompted Europe to hunt options to Russian gasoline and boosted forecasts for Australian LNG exports, with the nation anticipated to greater than double its earnings from the exports this yr. learn extra
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“Today’s results demonstrate that our business has the size, scale and cash flows to enable Santos to deliver stronger shareholder returns,” Chief Executive Officer Kevin Gallagher mentioned in a press release.
The nation’s No.2 unbiased gasoline producer on Wednesday unveiled a share buyback price as much as $250 million and mentioned it could goal higher shareholder returns amid surging commodity prices.
The Adelaide-based firm’s gross sales revenue got here in at $1.92 billion for the three months to March 31, in contrast with $964 million a yr earlier. The determine, nevertheless, missed RBC’s estimate of $2.14 billion.
Santos additionally mentioned it posted report quarterly manufacturing of 26 million barrels of oil equal (mmboe), in contrast with 24.8 mmboe a yr earlier.
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Reporting by Tejaswi Marthi and Riya Sharma in Bengaluru; Editing by Aditya Soni
Our Standards: The Thomson Reuters Trust Principles.
Australia’s Santos doubles revenue on higher LNG prices & More Latest News Update
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