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Santos earnings solid

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April 23 (LNGJ) – Australian energy company and LNG operator Santos showed a strong operational performance in the first quarter even as average realised LNG prices dropped to US$8.88 per million British thermal units from US$10.79 per MMBtu in the prior-year quarter.

   The company delivered US$265 million of free cash flow, at a targeted breakeven oil price of US$25 per barrel, even as sales revenues fell by 13 percent to $883M. Santos operates the Gladstone LNG plant in Queensland and has stakes in two others. It had liquidity of over US$3 billion at the end of the quarter, comprising US$1.15Bln in cash and US$1.9Bln in committed undrawn debt facilities.