Oil and gas explorer Santos Ltd
(ASX:STO) says it produced 54.4 million barrels of oil equivalent in 2009, in line with guidance.
For the December quarter production rose 2% to 13.9 million barrels of oil equivalent, in line with the September 2009 quarter.
However, Santos says sales revenue fell 21% to $2.181 billion in 2009 compared to $2.762 billion the year before due to lower international oil prices.
Revenue in the December quarter dropped 7% to $600 million compared to $648 million in December 2008.
Santos says the December quarter average realised oil price of $85.37 per barrel was down 5% on last year with the December quarter average portfolio gas price of $3.99 per gigajoule 16% lower than the same time a year ago.
CEO David Knox says the base business delivered a solid production performance with new production from the Oyong in Indonesia and strong production from John Brookes.
Santos posted a $1.65 billion profit for the 2008 calendar year.
