Santos Limited
(ASX:STO) has reported increased production but lower sales revenues in the second quarter of the current calendar year.
The oil and gas producer’s production rose 12 per cent to 14.3 million barrels of oil equivalent in the June quarter.
Lower oil prices hit the revenue result, which declined 19 per cent to $786 million in the three months to the end of June.
Santos says the lower oil price was partially offset by higher domestic gas prices and a weaker Australian dollar.
CEO David Knox says the company is taking positive steps to strengthen its operating position in the lower oil price environment.
Santos reported a net loss of $935 million in the full 2014 calendar year.
