How much did Santos's revenue rise in the third quarter of 2026?

Rigzone reports about $2 billion in third-quarter sales revenue, up 49 percent from the prior three-month period, on sales volumes up 11 percent to 26.4 million barrels of oil equivalent. These are secondary-source figures as of 23 October 2026.

Why did revenue grow faster than volumes?

Santos's July 2026 report said realised LNG prices would rise in Q3 because of a roughly three-month contract lag, and that Pikka would start generating sales revenue in August. Those are plausible drivers. The reported figures do not size each one, so the split is an inference.

What was the second-quarter baseline?

Santos's second-quarter 2026 report put sales revenue at $1,349 million, up 6 percent on the first quarter, with realised LNG pricing of $11.21 per mmBtu.

Santos Q3 Revenue Up 49% on Quarter as Volumes Gain 11%

Santos's quarter-on-quarter revenue rose 49%, well ahead of an 11% volume gain. Its own July report flagged the LNG pricing lag.

Santos's third-quarter revenue of about $2 billion rose 49 percent on the second quarter while sales volumes gained only 11 percent, per Rigzone. Santos's July report had flagged higher realised LNG prices and Pikka first sales as Q3 drivers, so price and new volumes, not volume alone, likely explain the gap; this is analysis, not advice.

The Gulf Barrel Desk October 23, 2026 Updated October 23, 2026 · 3 min read

Rigzone reports Santos booked about $2 billion of third-quarter sales revenue, up 49 percent on the second quarter (reported as of 23 October 2026).
Sales volumes rose 11 percent quarter on quarter to 26.4 million barrels of oil equivalent, so volume explains only part of the revenue jump.
Santos's July 2026 quarterly report said most LNG contracts carry a roughly three-month pricing lag and that realised LNG prices were expected to rise in Q3.
The same report expected first Pikka sales revenue in August, so a new revenue stream entered the quarter.
The split between price, new-project volumes and cargo timing is our inference. It needs Santos's own third-quarter realised-price figures to confirm.

Santos's third-quarter revenue rose far faster than the barrels it sold. Rigzone reports about $2 billion in sales revenue, up 49 percent on the second quarter, against an 11 percent quarter-on-quarter rise in sales volumes. Santos's own July report points to the likely cause: a contract pricing lag in LNG and a new oil stream. Figures are as of 23 October 2026. This is analysis, not a trading call or advice.

What the quarter showed

Rigzone reports Santos booked around $2 billion in third-quarter sales revenue, 49 percent above the second quarter, on sales volumes up 11 percent to 26.4 million barrels of oil equivalent. Santos's second-quarter report put that earlier quarter's revenue at $1,349 million, up 6 percent on the first. We worked from Rigzone's summary of the third-quarter results, not the filing itself, so the third-quarter numbers are reported, not independently confirmed.

Why price likely did the work

Santos said in its July report that most of its LNG contracts carry a roughly three-month pricing lag, so second-quarter realised prices reflected first-quarter crude. It put second-quarter realised LNG pricing at $11.21 per mmBtu and expected a rise in the third quarter. That mechanism is a plausible driver of revenue outrunning volume. It is a stated expectation, not a measured third-quarter result.

Pikka adds a new revenue line

Santos's July report said Pikka Phase 1 was targeted at about 80,000 barrels a day (gross) in the third quarter, with first sales revenue expected in August. Any Pikka cargoes sold in the quarter would add volume and revenue that the second quarter did not carry. How much they contributed is not disclosed in the reported figures. A target is not a barrel that moved.

What to watch next: Santos's reported realised LNG and oil prices for the third quarter, the Pikka contribution to sales volume, and cargo timing. Where the company's filing and a press restatement differ, the filing should govern.

How much did Santos's revenue rise in the third quarter of 2026?: Rigzone reports about $2 billion in third-quarter sales revenue, up 49 percent from the prior three-month period, on sales volumes up 11 percent to 26.4 million barrels of oil equivalent. These are secondary-source figures as of 23 October 2026.
Why did revenue grow faster than volumes?: Santos's July 2026 report said realised LNG prices would rise in Q3 because of a roughly three-month contract lag, and that Pikka would start generating sales revenue in August. Those are plausible drivers. The reported figures do not size each one, so the split is an inference.
What was the second-quarter baseline?: Santos's second-quarter 2026 report put sales revenue at $1,349 million, up 6 percent on the first quarter, with realised LNG pricing of $11.21 per mmBtu.

Santos Logs 49 Percent Quarter on Quarter Increase in Revenue — Rigzone
Santos Second Quarter 2026 Quarterly Report — Santos Limited via ASX