Santos Limited provides Q2 2022 updates

Santos Limited (ASX: STO) provided an update on quarterly activities for the second quarter ended 30 June 2022:

• The company has reported the first half revenue of US$3.8 billion, an increase of 85% from PCP, and a record free cash flow of US$1.7 billion, an increase of 199% from the previous corresponding period.
• It has also highlighted that Production and sales volume guidance are narrowed to 102-107 mmboe and 110 to 116 mmboe, respectively. Production cost guidance is reduced to $7.90 $8.30/boe. Depreciation, depletion and amortisation are expected to be approx. US$850 million in the first half.
• Santos’s second quarter production of 25.5 mmboe was slightly lower than the first quarter, mainly due to expected natural field decline at Bayu-Undan and major planned maintenance outages at PNG LNG, Darwin LNG, and the Cooper Basin.
• During the second quarter, it has generated US$843 million in free cash flow, bringing the first half's free cash flow to US$1.7 billion.

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