Santos Ltd. announced production and earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total production of sales gas & ethane, sales gas to LNG, condensate, LPG and crude oil of 15.0 mmboe against 14.9 mmboe a year ago.

For the year, the company reported total production of sales gas & ethane, sales gas to LNG, condensate, LPG and crude oil of 61.6 mmboe against 57.7 mmboe a year ago.

For the quarter, the company reported total sales revenue of $753 million against $596 million a year ago. Capital expenditure was $187 million against $364 million a year ago. Total sales revenue for the quarter was up 26% compared to the corresponding quarter due to higher sales volumes combined with higher realised oil prices (up 20% to $52.8/bbl).

For the year, the company reported total sales revenue of $2,594 million against $2,442 million a year ago. Capital expenditure was $625 million against $1,288 million a year ago. Net debt reduced to $3.5 billion as at December 31, 2016, down from $4.7 billion at the start of the year.

The company provided production and capital expenditure guidance for the fiscal year 2017. The company expects 2017 sales volumes to be in the range of 73-80 mmboe and production to be in the range of 55-60 mmboe. Capital expenditure is expected to be in the range of $700-$750 million.