Santos Limited
(ASX:STO) is sticking to its full year production guidance despite falls in the first quarter.
Santos produced 12.1 million barrels of oil equivalent in the March quarter, down 2 per cent on the same time a year ago. Sales revenue also fell five per cent to $713 million.
Despite the falls, Santos maintained its production guidance for 2013 at 53-57 million barrels of oil equivalent.
Santos says its gas production during the quarter was steady, with higher Otway Basin production offset by lower production from the Cooper Basin due to planned shutdowns.
Chief Executive David Knox says that Santos remains focused on major project delivery in 2013.
Santos generated a net profit of $518 million in its 2012 financial year.
