Santos reports higher revenue in the second quarter on sales and commodity prices that are on the rise

Santos, the oil and?gas company, reported a rise of?second quarter sales revenue 'on Thursday. This was due to a?increase in sales volumes for its liquefied gas project in Papua New Guinea as well as higher realized crude and condensate price.

Crude oil prices were high due to the U.S. - Iran conflict, and only began to drop in June. LNG prices also remained high because of damaged Middle East facilities that took time to come back online.

The strength of the?price helped?Santos achieve an average crude price of $120.33 a barrel for the quarter ending June 30. This is up from $71.17 a barrel compared to 365 days earlier. Meanwhile, its average condensate prices jumped?70.5% and reached $112.11.

Australia's second largest independent oil and natural gas producer reported sales revenues of $1.35 billion in the three-month period ended June 30, compared to $1.29 billion one year ago. However, this was below Visible Alpha's consensus estimate of $1.57billion.

Santos has lowered its forecast for 'annual production volumes' to between 99 and 105 million barrels (mmboe), from the earlier guidance of between 101 and 111 mmboe.

(source: Reuters)