Other findings from the report were:
- fourth quarter production of 14.9 MMboe was in line with the corresponding 2014 quarter and brought full-year production to 5.7 MMboe – the highest annual production since 2007 and a 7 per cent increase on the previous year and within the company’s guidance range of 57-59 MMboe
- full-year expenditure of $1.66 billion was below guidance and 54 per cent lower than the prior year
- full-year production costs per barrel were 10 per cent lower
- GLNG train 1 produced 544,000 t of LNG during the fourth quarter and achieved daily LNG production rates of more than 10 per cent above nameplate capacity
- GLNG has shipped 11 LNG cargoes to date.
Santos’s fourth quarter results come on the back of the company’s announcement in November that it would inject $3.5 billion of capital initiatives to strengthen the balance sheet and reduce debt.
Around the same time, former Clough Chief Executive Kevin Gallagher was appointed to replace David Knox as Santos’s Managing Director and Chief Executive Officer.