Santos has recorded strong free cash flow generation for the first quarter of 2024.
The company recorded a sales revenue of US$1.4 billion and production of 21.8 million barrels of oil equivalent, despite weather events and planned maintenance activities.
Santos also noted that the Barossa Gas Project is now 70.6 per cent complete with the gas export pipeline pipelay due for completion in April.
The Moomba Carbon Capture and Storage (CCS) project is 85 per cent complete and commissioning activities have commenced, with first injection expected around mid-2024.
Santos managing director Kevin Gallagher said the strong performance, combined with operational excellence delivered for the first quarter of 2024.
“The first quarter brought strong free cash flow which provides a solid foundation for the year ahead,” he said.
“It positions us well to fund shareholder returns, backfill and sustain our existing business, complete our major projects and grow our Santos Energy Solutions business.”
Gallagher said the company’s future projects are progressing well.
“I am very pleased that Barossa pipelaying activities are now almost complete and all other Barossa activities are progressing well with first gas expected in the third quarter of 2025,” he said.
“The Pikka project has made excellent progress over the winter months in Alaska and is on track for first production in 2026.”
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