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- Santos’ sales revenue for first half of the financial year 2022 is up 85%.
- The company also recorded a free cash flow of US$1.7 billion, up 199%.
- However, production during the second quarter was slightly lower than the first quarter because of major planned shutdowns.
- During the early trading hours, Santos shares were trading lower on ASX.
Australian gas producer, Santos Limited (ASX:STO), on Thursday, shared its second quarter (2Q) report on the ASX. Santos said it has delivered record sales revenue, production and free cash flow during the first half of the financial year 2022 (FY22), despite major shutdowns in the 2Q.
Despite sharing a solid set of numbers during the second quarter of FY22, Santos shares were trading 1.353% lower at AU$7.2890 per share at 11:30 AM AEST. Meanwhile, the benchmark index, ASX 200 Energy (INDEXASX:XEJ) was down 2.44% to 10,064.40 at 12:04 PM AEST.
ASX 200 is 3.70 points down at 6,755.50 at 12:04 PM AEST.
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Santos has updated the guidance for the financial year 2022. Reportedly, the production guidance has been narrowed down to 102-107 mmboe, earlier 100 – 110 mmboe. The sales volume guidance has been upgraded to 110-116 mmboe. The capital expenditure for the major projects has been reduced to around 1100 – 1200 million. The expected capital expenditure for the major contingent projects has been upgraded to up to $350 million.
Kevin Gallagher, CEO, Santos, said the company is ‘well placed to take advantage of growing Asian demand for LNG, which is forecast to double by 2050.’
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