Photo credit: REUTERS/David Gray
Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record production, sales revenue and free cash flow in the first quarter, demonstrating the strong performance of the base business and strategic benefits of our diverse portfolio.
Strong production combined with higher commodity prices delivered record quarterly free cash flow of US$865 million, an increase of 186 per cent from the corresponding period last year.
“By designing our portfolio to provide strong cash flows throughout the commodity price cycle, our disciplined, low-cost operating model has positioned us to take full advantage of the increase in commodity prices,” Mr Gallagher said.
“Today’s results demonstrate that our business has the size, scale and cash flows to enable Santos to deliver stronger shareholder returns.
“Consistent with our strategy, our next stage of growth will be disciplined and phased appropriately. The Barossa project is 33 per cent complete and making excellent progress, while the Moomba carbon capture and storage project will deliver a step-change in our emissions profile when it comes online in 2024.
“Our goal is to deliver superior shareholder returns while being a global leader in the transition providing cleaner energy and clean fuels that are affordable and reliable.”
Article courtesy of Santos. Full report can be found HERE
