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2000 Second Quarter Activities Report

Second Quarter Highlights

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

  • Sales revenue increased by 63.1% to $376.8 million (quarterly record)
  • Production volume increased by 17.8% to 14.2 million boe (quarterly record)
  • Sales volume increased by 14.1% to 14.6 million boe (quarterly record)
  • The oil price received averaged US$26.53 (A$44.33) per barrel [1999: US$16.13 (A$24.79) per barrel]

First Half Highlights

First half highlights compared with 1999 are as follows:

  • Sales revenue increased by 72.6% to $712.4 million (first half record)
  • Production volume increased by 14.8% to 27.7 million boe (first half record)
  • Sales volume increased by 16.0% to 27.6 million boe (first half record)

The above quarterly and half year results incorporate the impact of the Carnarvon Basin interests acquired from Shell Development (Australia) Pty Ltd, effective 1 January 2000.

Comment by Mr Ross Adler, Managing Director

This is a first-rate result, with further substantial increases in both volumes and revenue.

Santos increased production by over 2 million boe during the quarter. Oil production was up by 1.3 million barrels and gas production grew by 9% or over 4 petajoules.

A large part of the production growth came from the Companys interests in the Carnarvon Basin, offshore Western Australia. The contribution from the Stag oil field was up by 644,000 barrels and the Barrow and Thevenard oil fields contributed 765,700 barrels. Gas production from East Spar contributed an additional 3.1 petajoules.

These increases in the Companys production came together with high oil and liquids prices to create significant revenue growth of almost $150 million between the respective quarters.

This result, combined with the strong first quarter, has produced a record first half performance, with production up by 3.6 million boe and sales revenue up by almost $300 million to $712.4 million, an increase of 72.6%.