Gas revenue in the June quarter was up 15.5% from $167.5 million to a record $193.5 million on sales volumes of 59.0 petajoules (PJ) while oil and ethane production fell slightly.
A large component of the strong June quarter sales improvement came from the United States where Santos' gas sales revenue nearly doubled. The record June quarter figures contributed to the 6.4% first half 2003 increase in total revenue to $716 million, as compared with $673.1 million in the previous corresponding period.
However, the company's total second quarter sales revenue was down around $4 million to $347.3 million compared with $351.2 million in the previous corresponding period.
Total sales volume was 13.8 million barrels of oil equivalent (mmboe) compared with 14.3 mmboe previously. Production was 13.8 mmboe compared with 14.6 mmboe previously.
"The solid revenue increase in the first half is pleasing and was achieved despite the 17.5% rise in the realised exchange rate over the period," said John Ellice-Flint, Santos' managing director.
Second quarter gas sales and ethane production fell by 1.9% from 59.2 petajoules (PJ) to 58.1 PJ. Cooper Basin sales gas and ethane production was 39.1 PJ compared with 42.7 PJ in the second quarter 2002, reflecting field decline and plant maintenance.
Otway and Gippsland Basin production increased by 70.4% to 4.6 PJ (+1.9 PJ) due to continued well and plant optimisation and a full quarter of production from Patricia Baleen.
Oil production during the quarter eased by 2.1% compared with the first quarter of 2003 although Cooper Basin oil production was 8.0% higher than in the first quarter.
Sales volumes for crude oil were 18.1% higher than in the first quarter of 2003 due to the timing of shipments. However, sales revenue from oil decreased by 2.7 % compared with the 2003 first quarter.
Condensate production was 20.9% lower than the 2002 second quarter mainly due to lower gas production from drier gas fields in the Cooper Basin.
LPG production was 61,800 tonnes, 7.1% below the 2002 second quarter due to lower gas production in the Cooper Basin.
