Energy company Santos Limited
(ASX:STO) says production rose 8 per cent to 11.9 million barrels of oil equivalent in the second quarter from the quarter before.
In the three months to the end of June sales increased 11 per cent and revenue gained 20 per cent from the quarter before.
However when compared to the same time a year before production was flat, sales eased 3 per cent and revenue added 3 per cent.
Santos has confirmed its production guidance of between 47 to 50 million barrels of oil equivalent in the 2011 financial year.
At the start of this week Santos said it will buy Eastern Star Gas Ltd
(ASX:ESG) in a $924 million deal that will give it the largest natural gas reserves in New South Wales.
Santos generated a net profit of $498 million in the 2010 financial year.
