UPDATE 1-Australia's Santos posts fall in quarterly revenue on lower production, volumes

Reuters04-18

(Adds more details on result in paragraphs 2-4)

April 18 (Reuters) - Australian oil and gas producer Santos said on Thursday its first-quarter revenue fell about 14%, hurt by lower production across its product portfolio and a decline in volumes in recent months.

Severe weather events and planned maintenance activities hurt production, while sales revenue was hit primarily due to lower liquefied natural gas and ethane volumes, partly offset by higher realised prices.

The company produced 21.8 million barrels of oil equivalent (mmboe) in the quarter ended March 31, 2024, compared with 22.2 mmboe a year earlier. Sales volume stood at 23.2 mmboe, versus 23.8 mmboe in the prior corresponding period.

Average realised price for its liquefied natural gas product was $12.68 per million British thermal units (mmBtu), down from last year's $14.46 per mmBtu.

The country's No. 2 independent gas producer said its sales revenue was $1.40 billion for the three-month period, down from $1.63 billion a year ago. According to Citi, the Visible Alpha consensus estimate was $1.37 billion.

(Reporting by Archishma Iyer and Aaditya Govind Rao in Bengaluru; Editing by Shilpi Majumdar)

((Aaditya.govindrao@thomsonreuters.com))

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