Record quarterly production and sales volumes
Dorado appraisal success
Strong free cash flow
Acquisition of ConocoPhillips’ northern Australian interests announced
Santos Managing Director and Chief Executive Officer Kevin Gallagher said it was another strong quarter for Santos, highlighted by record production and sales volumes, and the second highest quarterly sales revenue on record.
“Santos continues to generate strong free cash flows from the consistent application of our disciplined operating model.”
“Another highlight of the quarter was the successful appraisal of the Dorado field which is one of the most exciting growth projects in our portfolio. Following the strong well test results, we are targeting FEED-entry in early 2020.”
“The acquisition of ConocoPhillips’ northern Australia interests announced earlier this week delivers shareholders operatorship and control of long-life, low cost natural gas assets and strategic LNG infrastructure aligned to our brownfield growth strategy. Santos is keen to work with our joint venture partners to achieve alignment to support our Barossa development and to facilitate the future development of the vast discovered resources offshore and onshore Northern Territory.”
“This value accretive acquisition will also further reduce our free cash flow breakeven oil price and strengthen our offshore operating and development expertise to drive growth across northern and Western Australia where we have a significant existing resource position,” Mr Gallagher said.
1 The acquisition is subject to third-party consents and regulatory approvals.