October 17, 2018 / 10:13 PM / a month ago

Australia's Santos 3rd-qtr revenue rises, achieves debt target

Oct 18 (Reuters) - Santos Ltd, Australia’s No. 2 independent gas producer, on Thursday achieved its debt target over a year ahead of plan and reported a 22.7 percent jump in third-quarter revenue from a year earlier, buoyed by higher oil and LNG prices.

Production was unchanged at 15 million barrels of oil equivalent (MMboe) from the corresponding quarter last year, the company said.

Quarterly revenue came in at $973 million, beating an estimate of $925 million by RBC.

Santos also cut net debt to $2 billion from $2.4 billion in the last quarter. Deep cost cuts and a rebound in oil and gas prices have helped Santos escape a massive debt overhang. (Reporting by Devika Syamnath in Bengaluru Editing by James Dalgleish)

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