Santos notes the announcement from S&P Global Ratings (S&P) reaffirming Santos’ BBB- credit rating with stable outlook.

The reported net loss after tax of US$357 million includes the previously announced impairments, primarily due to lower oil price assumptions.

China saw the greatest increase in Asian LNG volumes during 2020, importing 67.4 Mt of LNG, up 11.1% on the 60.7 Mt imported in 2019.

Total OECD indigenous production of crude oil, NGL and refinery feedstocks decreased by 9.4% in October 2020 compared to October 2019.

Total OECD indigenous production of natural gas decreased by 3.4% in October 2020 compared to October 2019.

Record annual production of 89 mmboe, 18% above the prior year and at the top end of upgraded guidance provided in December

Renewable electricity production was 262.8 TWh, up by 12.4% compared to October 2019 and by8.7 % compared to September 2020.

China November natural gas production was up by 3.7% from October, the third consecutive month-on-month rise. It was also 11.8% higher from a year-ago level, the data showed.

In 2019, China accounted for 24% of Australia’s thermal coal exports.

Santos upgraded its 2020 production guidance to 87-89 million barrels of oil equivalent (mmboe) and lowered its production cost guidance to $8.00-8.50/boe.

Australia and Santos are uniquely placed to offer reliable, zero-emissions energy products to Asian and domestic markets.

Santos, along with Australia's other east coast LNG projects Australia Pacific LNG and Queensland Curtis LNG, have come under pressure from the federal government in recent years to ensure domestic supply amid concerns of shortages since the development of the export projects.

Australian gas exporters argue that their projects are not contingent on Chinese buyers in a growing Asian market.

Qatar currently has an LNG production capacity of some 77 million mt/year, but has plans to boost it to 110 million mt/year by 2025 with the addition of four more trains and to 126 million mt/year by 2027 with the addition of two further trains.

Third quarter production of 25.1 mmboe was a record for Santos and 22% higher than the prior quarter