Santos announced record March 2022 quarterly production

Santos Limited (ASX: STO) announced record production, sales revenue and free cash flow in March 2022 quarter (Q1 FY2022). Strong production along with increased commodity prices have delivered record quarterly free cash flow of US$865 million.

• In Q1 FY2022, the Company achieved record production of 26 million barrels of oil equivalent.
• 13 LNG cargoes sold during the quarter from Santos’ LNG projects on JKM prices.
• The Company’s balance sheet is well positioned to fund disciplined growth and higher shareholder returns.
• STO’s Barossa project is 33% complete and progressing on schedule and budget.
• Similarly, its Moomba CCS project is 14 per cent complete and is also progressing as per the schedule and budget.
• Bayu-Undan and Darwin LNG joint ventures entered FEED on the Bayu-Undan CCS project.
• STO noted oil discovery at Pavo. As a result, resource size increased and provides a potential low-cost tieback to Dorado.

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