The company has reported revenue of A$648 million for the fourth quarter of 2008, compared to A$647 million for the same period of 2007.
Santos has reported production of 54.4 million barrels of oil equivalent in 2008, compared to 59.1 million barrels of oil equivalent in 2007. In 2008, the company has reported revenue of A$2.76 billion, compared to A$2.49 billion in 2007.
The oil company said that production cost guidance has increased by $20 million primarily due unfavourable foreign exchange impacts on US$ denominated production costs combined with higher maintenance costs in the fourth quarter. Royalty related taxation expense guidance has reduced primarily due to actual realised oil prices during the fourth quarter being lower than assumed in previous guidance.
David Knox, CEO of Santos, said: “Our portfolio of oil and gas assets delivered good sales revenue in 2008. Moving into 2009, Santos is well positioned despite the global financial crisis. The company has a sound financial position.
Santos is an Australian oil and gas exploration and production company with interests and operations in major Australian petroleum province and in Indonesia, Papua New Guinea, Vietnam, India, Bangladesh, Kyrgyzstan and Egypt.
