Energy prices have fallen from their 2022 peaks on a slower-than-expected growth in China with investors worried about global demand over bleak economic prospects.
Santos now expects 2023 output between 89 million barrels of oil equivalent (mmboe) and 93 mmboe, compared with its previous forecast of 89 mmboe to 96 mmboe.
The country's second largest independent gas producer reported $1.34 billion in revenue for the three months ended June, compared with $1.88 billion a year earlier, while UBS consensus estimate had pegged it at $1.49 billion.
Production for the quarter came in at 22.8 mmboe, compared with 25.5 mmboe a year earlier.
The Adelaide-based oil and gas producer also said its Barossa project, where drilling has been suspended pending approval of the environmental plan, is 66% complete and drilling activity will most likely resume before the year-end.
