Photo credit: REUTERS / David Gray
Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record annual production and sales revenue in 2021, as strong base business performance positioned the company to benefit from higher commodity prices.
Free cash flow of around US$1.5 billion for the year was also a record and more than double the level in 2020.
“Our disciplined, low-cost operating model continues to drive strong performance across the business and has positioned us to take full advantage of the increase in commodity prices. The completion of the Oil Search merger delivers us the size and scale to deliver even stronger outcomes in 2022 and beyond,” Mr Gallagher said.
“I was particularly pleased that we were able to complete the merger before the end of 2021 and in just 130 days from the announcement of our intent to merge with Oil Search, and this sets us up for what is going to be a very busy 2022.
“Consistent with our strategy, our next stage of growth will be disciplined and phased. The Barossa project is 20 per cent complete and making excellent progress, while I was delighted to announce the final investment decision on the Moomba carbon capture and storage project in November. The Dorado Phase 1 and Pikka Phase 1 projects are progressing towards FID this year.
“Our merger with Oil Search delivers increased scale and capacity to drive a disciplined, low-cost operating model and unrivalled growth opportunities over the next decade – with a vision of becoming a global leader in the energy transition.”
