Santos struggles with record breaker from GLNG train two
TOUGH times continue at Santos with not even a record breaking level of production courtesy of GLNG's second train coming online offsetting the impact of plunging global oil and gas prices.
Santos share prices closed yesterday at $4.56, which is down from a year ago when its shares were worth $7.13
Two years ago Santos' share price was sitting pretty at $14.83.
But with the appointment of new CEO, Kevin Gallagher, Santos is looking to cut costs to hit a break-even cost of $US35 and $US40 a barrel.
Last week Santos released its half yearly report, which showed production was 10% higher than a year ago at 31.1 million barrels of oil.
The only problem was the average oil price decreased by 29% to $US43 a barrel for the first half of the year.
"There is a lot of work ahead of us but today's results show we are heading in the right direction," Mr Gallagher said.
GLNG train two came online in May and produced 1 million tonnes of LNG in the second quarter and shipped 16 cargoes.