Santos has cut production forecasts for 2013 from 53 - 57 million barrels of oil equivalent (mmboe) to 52 - 55 mmboe

Santos has cut production forecasts for 2013 from 53 - 57 million barrels of oil equivalent (mmboe) to 52 - 55 mmboe. A host of factors were blamed for the cut, with problems in supply, weather and infrastructure all playing their part. Investors have responded by sending Santos shares down 3.4% on Friday morning, to $13.78. Despite the disappointing news, Santos said gas prices reached a record high in the quarter as LNG projects on the east coast lock up future supply. The Gladstone LNG project owned by Santos was also 60% complete, with construction progressing on target. (VIEW LINK)