Oil and gas producer, Santos
(ASX:STO) has upgraded its sales guidance to 79-82 million barrels of oil equivalents (mmboe) on the back of seeing a spike in its sales revenue.
Its sales revenue soared 22 per cent, on a year-on-year basis to the September quarter end, despite its production falling 4 per cent.
It comes its average realized oil price picked up 22 per cent over the year.
Over the same period, it also saw a rise in capital spending (by 6 per cent).
At the same time, Santos dropped its net debt to US$2.8 billion, down from US$3.5 billion (at the end of 2016).
Shares in Santos
(ASX:STO) are trading about 1 per cent higher $4.27.
