Page 3 of Santos quarterly report says sales volume guidance is 100-105mmboe, but production guidance is 87-91mmboe. I look at the two and think Woodside is cheap, Santos has much more domestic gas production which receives a lower price than exports. Also, the gearing level of Santos is higher.
Santos lists a higher price for export LNG. I'm not sure why, perhaps the main reason is the 2002 Guangdong contract. It was the other way around in Q1 so maybe it is spot sale cargoes that affects this.
There's similarities between the two, but also some differences so I think production volumes tell very little of the story. I wouldn't care if Santos produces more, "it's not a race."
Page 3 of Santos quarterly report says sales volume guidance is...
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