Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2017drilling result● Neutral
Beach's February report: Kanowana-14 completed the three-well campaign in the Santos-operated Cooper JV, all cased as producers, online Q4 FY17. Caraka-2 was cased as a producer, marginally below estimates. Toolachee-53 spudded. Santos is not the focus; its share is 66.6%.
17 Feb 2017annual report● Neutral
The 2016 Shareholder Review is a condensed annual report repeating known results: record 61.6 mmboe production, net loss US$1,047m, underlying profit US$63m, and no final dividend, with debt reduction the priority. No new information.
17 Feb 2017annual report● NeutralMajor
Santos posted a 2016 net loss of US$1,047m, driven by the GLNG impairment booked at the half-year, and underlying profit of US$63m. Net debt was US$3.5bn and free cash flow breakeven US$36.50/bbl. No final dividend; the Board will next review it at the 2017 half-year results.
17 Feb 2017investor presentation● Neutral
Results presentation repeating the day's figures: net loss US$1,047m, underlying profit US$63m, net debt US$3.5bn, free cash flow breakeven US$36.50/bbl, and asset sale proceeds of US$447m received in 2016. It also restates the Transform, Build, Grow strategy and the aim to find a sixth core asset.
17 Feb 2017other● Neutral
Appendix 4G, the key pointing to where Santos' corporate governance disclosures are found, lodged with the annual report. Administrative filing with no new substance.
17 Feb 2017other● Neutral
Annual Corporate Governance Statement for 2016: nine directors, eight independent non-executives and CEO Kevin Gallagher, who started 1 February 2016. Guy Cowan and Peter Hearl joined the Board in May 2016. Compliance disclosure only, no new substance.
17 Feb 2017annual report● Neutral
The 2016 Annual Report repeats the results already released: net loss US$1,047m, underlying profit US$63m, record production of 61.6 mmboe, and the five-core-asset strategy. It also contains the reserves statement, directors' and remuneration reports. Text is truncated, so reserves figures are not shown here.
17 Feb 2017annual report▼ Bad
Appendix 4E for 2016: revenue up 6% to US$2,627m and net loss of US$1,047m, 46% smaller than the prior year. No interim or final dividend was declared for 2016. Statutory filing; details are in the results release.
14 Feb 2017other● Neutral
Santos will report five segments matching its core assets (Cooper Basin, GLNG, PNG, Northern Australia, WA Gas), with non-core assets as Other, effective second half 2016. Prior periods are restated. No effect on net profit or loss.
6 Feb 2017capital raising announcement▲ GoodMajor
The Share Purchase Plan closed with about A$201m of applications, all accepted without scaleback at A$3.94 per share. With the December placement, total raised is about A$1,241m, short of the roughly A$500m SPP target. Shares issue 7 February 2017.
1 Feb 2017drilling result● Neutral
Beach's January report: Kanowana-12 and -13 in the Santos-operated Cooper JV were cased as producers, in line with estimates. Strzelecki-32 found 12m of Toolachee pay but none in the Patchawarra. Raffle-2 in the Queensland JV found 3m of net pay, below estimates.
11 Jan 2017drilling result● Neutral
Beach's December report: Allunga-2 and -3 in the Santos-operated Cooper JV were cased as producers, in line with estimates. Windigo-3 and Roti South-1 were also cased as producers. Namur-4 was cased as a Patchawarra producer. Beach's Canunda-3 flowed gas.
10 Jan 2017asset acquisition disposition● NeutralMajor
Cooper Energy completed buying Santos' Victorian gas assets, except the 10% Minerva stake, paying A$61m plus adjustments, with A$20m more on Sole FID or a sell-down. This completes the sale announced in October 2016. Operatorship transfer is expected by mid-2017.
28 Dec 2016drilling result▲ GoodMajor
Oil Search, operator, reports Muruk-1 reached 3,130m with reservoir sandstone in the Toro Formation. Early log interpretation shows gas with condensate and no water contact seen. A sidetrack is planned to find the gas-water contact. Santos' 20% awaits regulatory approval.
28 Dec 2016drilling result▲ GoodMajor
Santos confirms a gas and condensate discovery at Muruk-1 in PNG's PPL 402, total depth 3,130m, in line with pre-drill expectations. It follows the November farm-in for 20%, which still needs regulatory approvals. A sidetrack will try to locate the gas-water contact.
23 Dec 2016other● Neutral
Santos released an updated Securities Dealing Policy, effective 1 January 2017. It restricts trading by directors and executives to set windows and bans speculative trading and margin lending. Administrative notice only.
22 Dec 2016capital raising announcement● Neutral
The Share Purchase Plan opens, offering eligible shareholders up to A$15,000 of shares, aiming for about A$500m and open until 31 January 2017. Price is the lower of A$4.06 or the five-day average price less 2%. Shares to be issued 7 February 2017.
20 Dec 2016asset acquisition disposition● NeutralMajor
Central Petroleum says Santos has agreed to sell its 50% of the Mereenie oil and gas field and pipeline to a Macquarie subsidiary, effective 1 January 2017. Central stays operator with the other 50%. Price not stated in this notice.
15 Dec 2016capital raising announcement● Neutral
The A$1,040m placement completed at A$4.06 per share, a 7.9% discount to the last close, and was described as significantly oversubscribed. 256m new shares are due to be issued on 21 December 2016. The SPP follows.
14 Dec 2016capital raising announcement● NeutralMajor
Santos launches a fully underwritten A$1,040m placement of about 256m shares at A$4.06, roughly 15% of issued capital, plus an ununderwritten Share Purchase Plan of up to A$500m. This follows the strategy day and lowers gearing to about 32% after the placement.
What it means for a shareholder
256m new shares at A$4.06 to raise about A$1.04bn. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (246 at the issue price), your slice goes from 0.0000139% to 0.0000121% of the company. To keep it you'd need 36 more shares - about A$146 at the issue price.
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8 Dec 2016investor presentation▲ GoodMajor
At its Investor Day Santos set a new strategy: focus on five core gas assets (Cooper, GLNG, PNG, Northern Australia, WA Gas), run the rest as a standalone business under Bruce Clement, and cut net debt by US$1.5bn to under US$3bn by end-2019. Free cash flow breakeven now US$39/bbl.
7 Dec 2016drilling result● Neutral
Beach's November report: Big Lake-138 finished the five-well Big Lake campaign with 83m net pay, in line with estimates, and all five wells were cased as producers. Galex-5 in the Queensland JV was materially below estimates. Allunga-2 was drilling.
6 Dec 2016asset acquisition disposition● Neutral
Armour Energy exercised pre-emptive rights to buy Santos' interests in Roma Shelf leases around the Kincora Gas Plant in Queensland's Surat Basin. Armour would reach 100% of five leases. Price not stated; conditions precedent are not yet satisfied.
30 Nov 2016joint venture update● Neutral
Central Petroleum reports Santos has begun acquiring over 1,000km of 2D seismic in the Southern Amadeus farmout, out of 1,300km required (about $12m total), due by end-March 2017. Completing it lets Santos lift its interest from 25% to 40% in EPs 82, 105 and 112.
17 Nov 2016farm in farm out agreement● Neutral
Oil Search's announcement of the same PPL 402 deal: it and ExxonMobil sell 20% to Santos subsidiary Barracuda. Oil Search keeps 37.5% as operator and ExxonMobil keeps 42.5%. Conditions include regulatory approvals.
17 Nov 2016farm in farm out agreement▲ GoodMajor
Santos farms into PNG's PPL 402 for a 20% interest, bought from Oil Search and ExxonMobil, with terms confidential. It joins the Muruk-1 well, targeting about 2 tcf of mean gas at roughly 3,450m. Completion needs regulatory approvals.
11 Nov 2016price query● Neutral
Santos confirms that Hony Capital bought a further 40m shares (2.25%) at A$3.98, an 11% premium to the prior close, lifting it to about 3.2%. Hony had previously been agreeing to sell an 11.7% stake to ENN.
2 Nov 2016drilling result● Neutral
Beach's October report: Big Lake-137 was cased as a gas producer, slightly below estimates, and Big Lake-138 is still drilling. Dunadoo East-1 in the Santos-operated Queensland JV was plugged and abandoned for lack of commercial pay. Beach's Kangaroo-1 and September-1 found oil.
24 Oct 2016asset acquisition disposition● NeutralMajor
Santos sells its Victorian assets to Cooper Energy for up to A$82m: A$62m at completion plus A$20m on Sole FID or a sell-down. This includes its 50% of Sole and Orbost and exits offshore Victoria after the Kipper sale. Completion is expected in early 2017.
24 Oct 2016asset acquisition disposition● Neutral
Cooper Energy's side of the deal: it will buy Santos' Victorian gas assets, including the remaining 50% of Sole and Orbost, for A$62m plus A$20m on Sole FID or a sell-down. It will fund it with a roughly A$62.6m entitlement offer.
