XLE & Oil

Santos Logs 49 Percent Quarter on Quarter Increase in Revenue

Rigzone·Oct 22, 2026 · 8:22 AM CT
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Santos said Wednesday that third-quarter sales revenue was about $2 billion, up 49% from the second quarter, on an 11% increase in sales volumes to 26.4 million barrels of oil equivalent.

Realized LNG prices rose to $16.22 per MMBtu and domestic gas to $6.61 per gigajoule, while oil averaged $96.66 a barrel. LNG sales totaled 1.6 million metric tons, up from 1.53 million in the second quarter.

Production rose nearly 14% to a record 26.3 million barrels of oil equivalent. Santos said Barossa produced steadily, with Darwin LNG running at 98.5% reliability and loading 10 LNG cargoes. Its Pikka oil project in Alaska briefly reached its minimum expected plateau rate but was curtailed twice, once by weather damage to a seawater treatment plant still starting up.

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