(Updates with detail on results, background)
April 20 (Reuters) - Australian gas producer Santos Ltd (STO) on Thursday reported a near 14% drop in its first-quarter revenue as lower domestic gas volumes in Western Australia more than offset slightly higher liquefied natural gas prices.
The company, which bought Oil Search in late 2021, maintained its 2023 output estimate of between 89 and 96 million barrels of oil equivalent (mmboe).
It added that it would revise its outlook for 2023 upon completing its expected sell-down of a 5% interest in PNG LNG project in Papua New Guinea.
Australia's no. 2 independent gas producer said its revenue was $1.63 billion for the three months ending March 31, compared with $1.89 billion a year earlier, marginally missing a UBS estimate of $1.64 billion.
Santos, which increased its LNG position in PNG following the Oil Search merger, reported an output of 22.2 mmboe in the March quarter, compared with 26 mmboe a year earlier.
News: STO UPDATE 1-Australia's Santos quarterly revenue tumbles nearly 14% on weak output
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