Oil and gas exploration company Santos (ASX:STO) has announced that its 2009 revenue fell 21% to $2.18 billion, due to lower international oil prices.
The average price per barrel of oil fell 33% over the year to $78.83. By the December quarter, it had risen to $85.37, but this was still 5% lower than a year earlier.
But the company added that its production levels were firmly in the middle of the company’s guidance range.
In the fourth quarter, revenue fell 7% y-o-y to $600 million.