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2000 Fourth Quarter Activities Report

Fourth Quarter Highlights

The following results were achieved compared with the 1999 fourth quarter:

  • Sales revenue increased by 37.5% to a record $393.9 million.
  • Sales volume increased by 9.7% to 13.5 million boe.
  • Production volume increased by 9.8% to 13.4 million boe.
  • The realised oil price received averaged US$29.90 (A$50.30) per barrel [1999: US$24.06 (A$37.45) per barrel].

2000 Full Year Highlights

Full year highlights compared with 1999 are as follows:

  • Sales revenue increased by 58.5% to $1,497.1 million.
  • Sales volume increased by 15.0% to 55.7 million boe.
  • Production volume increased by 13.8% to 56.0 million boe.

Comment by Mr John Ellice-Flint, Managing Director

“The fourth quarter result continues the successful year for Santos.

The record level of sales revenue during the quarter reflects both the high realised oil price (A$50.30 per barrel) and increased production (production growth contributed one-quarter of the growth in revenue).

Gas sales were up on the 1999 fourth quarter, notwithstanding the commencement of deliveries from Victoria to New South Wales through the Eastern Gas Pipeline.

Oil production for the quarter was up 47.6% compared with the 1999 fourth quarter, although down on the previous quarter due to work being carried out on Stag and the Roller field pipeline.

In exploration, there were a number of successful wells, with the highlight being the Runnells #3 discovery in the United States.

A focus on sustained higher production coupled with high realised oil prices in the fourth quarter completes a record year for Santos revenue and production.”

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