Santos Q3 2024 financial and operational update

Santos (ASX:STO) has announced its third quarter results for the period ending 30 September 2024. The company reported a free cash flow from operations of approximately US$400 million, slightly surpassing the previous quarter. Sales revenue stood at US$1.3 billion, with a 3% decrease in production to 21.6 million barrels of oil equivalent. The Moomba Carbon Capture and Storage phase one is now operational, and major projects continue to progress.

Comprehensive Q3 2024 review and future outlook for Santos

Santos' third quarter report highlights strong free cash flow, reaching approximately US$400 million, and continued progress in major projects. The operational commencement of the Moomba CCS phase one marks a significant achievement. The Barossa Gas Project is over 82% complete, with production expected in Q3 2025. While production saw a slight decline, the company maintained focus on cost discipline and project execution. Looking ahead, Santos aims to produce between 84-90 mmboe in 2024, with significant advancements expected in key projects to support its growth ambitions.

Executive insights on Santos' performance and strategy

Our focus remains on project execution, cost discipline, and delivering superior returns to our shareholders. The Moomba CCS project is now operational, storing CO2 at full rates. This is a significant milestone for Santos and a potential game changer for hard-to-abate industries in Australia. The Barossa Gas Project and Pikka Phase One are also progressing well and are key to our long-term production and shareholder returns.