Quarterly Activities and Result Coverage
Strong LNG sales partly offsetting the revenue pressure: Santos Ltd (ASX: STO) fourth quarter of 2015 production slightly fell by 1% year on year (yoy) to 14.9 mmboe, and accordingly the fourth quarter sales revenue fell by 24% yoy on the back of ongoing pressure in average realized oil prices which declined by 33% yoy to US$44 per barrel. Recently, Standard and Poor’s ratings Services (S&P) also downgraded the group’s long-term senior unsecured credit rating to BBB- as compared to BBB ratings. On the other hand, Santos had heavily cut its capital expenditure to over $1.66 billion in FY15 which is a 54% decrease against prior corresponding period (pcp) in order to partly offset the top line pressure. The total year production costs per barrel also fell by 10% on a yoy basis.To read the complete report click here
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