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Santos FY16 Net Loss Narrows On Higher Revenues, Despite Weak Prices

17.02.17 06:41

CANBERA (dpa-AFX) - Australian oil and gas producer Santos Ltd.

(STOSF.PK, SSLTY.PK, STO.AX) reported Friday that its fiscal 2016 net loss of $1.05 billion, compared to last year's net loss of $1.95 billion.

The latest results were impacted significantly by the $1.1 billion after tax impairment charge on GLNG, and lower oil prices compared to the prior year. The prior year's charges were $2.01 billion

Excluding impairments and other significant items, the company recorded an underlying profit of $63 million, compared to $49 million a year ago.

Sales revenue increased 6 percent to $2.63 billion from $2.48 billion a year ago. The positive impact of higher sales volumes was partially offset by lower oil and oil-linked LNG prices.

The average realised oil price fell 14 percent to $46.43 per barrel while the average LNG price was 33 percent lower at $6.03/mmbtu.

Notwithstanding the lower LNG prices, LNG sales revenue was up 27 percent due to the start-up of GLNG and strong performance from PNG LNG.

Production was up 7 percent to a record 61.6 mmboe, primarily due to the start-up of GLNG train 1 in September 2015 and train 2 in May 2016, and strong production from PNG LNG.

Sales volumes were up 31 percent to 84.1 mmboe, driven by higher LNG (up 89 percent) and gas (up 26 percent) sales volumes.

Looking ahead, the company said its production and sales volume guidance for 2017 remains unchanged at 55-60 mmboe and 73-80 mmboe, respectively.

Managing Director and Chief Executive Officer Kevin Gallagher said, "In 2017, we will further refine our operating model to drive costs down, improve cash flow and reduce debt. We now have the strategy, assets, people and growth options to deliver on our future success and provide sustainable shareholder value." Mr Gallagher said.

Copyright RTT News/dpa-AFX


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