Australian energy company Santos has reported a 9% fall in annual sales revenue in 2024 to $5.4bn from $5.9bn recorded in 2023.
However, the company reported a 10% sequential increase in quarterly sales revenue to $1.4bn in the three-month period that ended on 31 December 2024. The figure improved from $1.27bn reported in the third quarter of 2024.
Sales volume in Q4 2024 also increased by 9% from the prior quarter to 23.6 million barrels of oil equivalent (mmboe).
The oil and gas company also reported a slight drop in quarterly production from 21.6mmboe in Q3 2024 to 21.5mmboe in Q4 2024.
Annual production and sales volume both fell by 5% year-on-year (YoY) in 2024 to 87.1mmboe and 91.7mmboe, respectively.
Santos’ fourth quarter free cash flow from operations stood at $430m and $1.9bn for the full year.
Santos managing director and CEO Kevin Gallagher said: “The fourth quarter brought free cash flow for the full year to $1.9bn which positions the company well to deliver shareholder returns, backfill and sustain our existing business, complete our major projects, Barossa and Pikka, and progress our decarbonisation plans.
The Australian company said that the Barossa Gas project is set to begin production in the third quarter of 2025 within current cost guidance. On the other hand, Pikka phase one project is 74% complete.
Gallagher added: “Our operational focus for 2025 will be to deliver our Barossa and Pikka projects within cost and schedule guidance. I am very pleased that we are making excellent progress towards first gas at Barossa in the third quarter of this year and first oil at Pikka in Alaska in 2026.”
The company is slated to release its results for the year that ended 31 December 2024 next month.
Recently, Santos delayed key decisions on the Dorado Phase 1 liquids development project, offshore Western Australia.
