(Adds share movement, 2018 production guidance)
Sept 26 (Reuters) - Santos Ltd (STO) , Australia's No.2 independent gas producer, said on Wednesday it plans to nearly double production to more than 100 million barrels of oil equivalent (mmboe) by 2025.
Outlining the company's growth strategy, chief executive Kevin Gallagher said the recent $2.15 billion acquisition of privately held Quadrant Energy would help reduce the company's breakeven oil price and gave it a leading position in the significant Dorado oil find.
In August, Santos said it expected 2018 production of 55-58 million barrels of oil equivalent (mmboe) on growing output from its Cooper Basin assets, and maintained its sales volume guidance of 72-76 mmboe.
The company also posted a surge in half-year profit and revived its dividend.
The Quadrant takeover gives Santos a business that is the leading supplier of gas into the Western Australian market.
Santos shares rose 1.6 percent in early trade in a broader market (xjo) up about 0.3 percent.
(Adds share movement, 2018 production guidance) Sept 26...
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Last
$6.84 |
Change
-0.080(1.16%) |
Mkt cap ! $23.02B | |||
| Open | High | Low | Value | Volume |
| $6.92 | $6.94 | $6.75 | $97.69M | 14.28M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 96681 | $6.83 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.84 | 5679 | 1 |
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| STO (ASX) Chart |