Santos has posted a 13 per cent drop in first-quarter revenue, hurt by lower realised prices for oil and gas.

Australia’s second-largest independent gas producer said revenue for the quarter ended March 31 fell to $US883 million ($A1.4 billion) from $US1.02 billion a year ago.

The figure was lower than brokerage RBC Capital Markets’ forecast of $US912 million.

Santos produced 17.9 million barrels of oil equivalent (mmboe) during the period, down from 18.4 mmboe last year.