Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2018investor presentation● Neutral
Full-year results presentation repeats known 2017 figures: free cash flow US$618m, net debt US$2.7bn, underlying profit US$336m, no final dividend. It gives 2018 free cash flow breakeven of about US$36/bbl and lists cash priorities as debt repayment, exploration, growth, then shareholder returns.
21 Feb 2018annual report● Neutral
Shareholder Review 2017 is a summary of the annual report, repeating known results: US$336m underlying profit, net debt cut by US$761m to US$2.7bn, no final dividend. The Board would consider capital management only if the debt target is met early and markets stay supportive.
21 Feb 2018regulatory community update● Neutral
Santos released its first Climate Change Report, saying its gas portfolio stays resilient under Paris and 2°C scenarios. It sets an aspirational net-zero operational emissions target for 2050, with medium-term targets to be set by end-2018.
15 Feb 2018contract award▲ Good
Santos won a tender to supply New Century Resources with about 9 PJ of gas over four years for Mt Isa power for the Century zinc mine, a contract valued around A$100m. It adds to Santos's east-coast domestic gas supply deals.
7 Feb 2018drilling result▲ Good
Beach's January report: Santos-operated Cooper wells all succeeded, including Gooranie-8/-11 gas and oil and Casimir-1 in PEL 570, which hit 55m of net coal. Beach's Haselgrove-3 ST1 was a possible gas discovery. Cooper JV ownership shifted after Beach's Lattice deal.
24 Jan 2018quarterly activities report▲ Good
2017 full year: production 59.5 mmboe and sales 83.4 mmboe, above guidance, with sales revenue up 20% to US$3.1bn. Net debt fell to US$2.7bn from US$3.5bn, and US$600m of ECA loan was prepaid. Free cash flow breakeven was US$32/bbl, and capex US$682m.
10 Jan 2018drilling result▲ Good
Beach's December report: Santos-operated Cooper JV finished the six-well McKinlay oil campaign and the Namur gas campaign, with Namur-9 and -10 finding 53m and 61.5m net gas pay. Beach's own Largs-1 sidetrack made a gas discovery. Routine update.
27 Dec 2017drilling scheduled● Neutral
The Sampang PSC joint venture, which Santos operates with 45%, approved drilling the Paus Biru-1 exploration well, planned for Q4 2018 to 650m depth. Site surveys are under way, and a jack-up rig is still being sourced.
12 Dec 2017farm in farm out agreement▲ GoodMajor
Santos and Total will fully fund a 3D seismic survey over Melbana's Beehive prospect (WA-488-P) in return for an option to take 80% of the permit. Survey is planned for mid-2018 and is subject to approvals. Gives Santos a possible new exploration play.
7 Dec 2017farm in farm out agreement▲ GoodMajor
Santos agreed to acquire a 20% interest in PNG licence PPL 339 from Kina Petroleum, which keeps 10%. Oil Search operates; drilling is expected in 2019. Santos can return the interest after pre-drilling seismic. Subject to approvals and licence extension.
6 Dec 2017drilling result▲ Good
Beach's November report: Santos-operated Cooper JV wells found oil at McKinlay-12/-15 and Odonata-2 (6.7m net pay) and gas at Namur-8 (61m). A six-well McKinlay horizontal oil campaign has begun. Routine drilling update on a Santos-operated JV.
16 Nov 2017other● NeutralMajor
Santos confirmed it is not in talks with Harbour Energy, but disclosed that on 14 August 2017 it rejected a non-binding A$4.55-per-share scheme proposal as inadequate, with uncertain funding. The bid had not been previously disclosed.
9 Nov 2017investor presentation▲ GoodMajor
At its Investor Day Santos said its strategy has cut 2017 free cash flow breakeven to US$32/bbl and net debt 40% to US$2.8bn. It farmed into 20% of five PNG licences, prepaid a further US$350m of ECA debt, and moved Narrabri into the core portfolio. 2018 capex guided US$825-875m.
1 Nov 2017drilling result● Neutral
Beach's October report: in Santos-operated Cooper JV, Namur-5 found 6.5m net gas pay and Costa-2 was a low-side commercial result, so two planned wells were dropped. Caraka-3 found 3m net pay; Gooranie-1 DW1 was abandoned. Lowry-1 and Crawford-1 are Beach's own.
23 Oct 2017director officer appointment● NeutralMajor
Keith Spence, ex-Woodside and Shell and retiring from Oil Search's Board, joins the Santos Board on 1 January 2018 and succeeds Peter Coates as Chairman in February 2018. Coates had flagged his departure at the May AGM.
19 Oct 2017quarterly activities report▲ Good
Q3 2017: production 15.0 mmboe, revenue US$793m, net debt down to US$2.8bn. Guidance raised to 58-60 mmboe production and 79-82 mmboe sales. The new US$800m bond replaced the Euro notes, saving about US$40m a year in interest.
4 Oct 2017drilling result● Neutral
Beach's September report: Santos-operated Roti-5 and Roti-6 gas wells and Merrimelia-63, -65 and -67 oil wells were cased as producers. Beach's own Goldsmith-1 and Louth-1 were abandoned. Routine Cooper Basin drilling update.
21 Sept 2017director officer appointment● Neutral
Non-executive director Roy Franklin will retire from the Board on 30 September 2017 after 11 years, having been appointed Chairman of Premier Oil. Second director departure in a month, after Greg Martin.
21 Sept 2017investor presentation● Neutral
Shareholder update repeating the half-year result: US$156m underlying profit, US$506m net loss after US$689m impairment, net debt US$2.9bn, no interim dividend. The CEO acknowledges the missing dividend will disappoint many shareholders. No new facts.
8 Sept 2017contract award▲ Good
Santos and Origin signed a new ethane supply agreement with Qenos, about 27 PJ from the rest of 2017 to end-2019. The ethane is processed at Moomba and piped to Sydney, continuing a supply relationship of over 20 years.
8 Sept 2017debt financing▲ GoodMajor
Santos priced a US$800m 10-year senior unsecured bond at a 4.125% coupon, six times oversubscribed, maturing 2027. It replaces the Euro hybrid notes being redeemed, cutting interest costs and the free cash flow breakeven; settlement is 14 September.
7 Sept 2017contract award▲ Good
Santos and its GLNG partners will supply 30 PJ of gas to the east coast domestic market over 2018-19, gas that would otherwise have been exported as LNG. It follows the swap deal and the 15 PJ Pelican Point sale, with volumes the text says are material.
6 Sept 2017drilling result▲ Good
Beach's August report: Santos-operated Cooper wells all cased as producers, including Zeus-12, Zeus-11, Tennaperra-5 (oil) and Jack Lake-6/-7 (gas, about 40m and 54m net pay). Roti-5 was drilling. Beach's own Donington-1 was dry.
30 Aug 2017contract award▲ Good
Santos signed a three-year location swap (option for a fourth year) from January 2018, taking gas at Wallumbilla and delivering at least 18 PJ a year into the southern domestic market. Adds to the domestic supply deals promised after the half-year result.
28 Aug 2017drilling spud● Neutral
Comet Ridge (40% of Mahalo, with Santos and APLNG 30% each) spudded the Humboldt South 1 corehole on 26 August, targeting about 280m depth. It should feed an updated reserves assessment for the block, part of the 2017 Mahalo programme.
28 Aug 2017director officer appointment● Neutral
Final director's interest notice for Greg Martin, who ceased as a director on 25 August 2017. He holds 42,720 shares indirectly. Administrative follow-up to his retirement.
25 Aug 2017director officer appointment● Neutral
Non-executive director Greg Martin retired from the Board on 25 August 2017 after eight years, citing personal reasons and his other executive responsibilities at Prostar Capital.
24 Aug 2017half year report● NeutralMajor
Half-year 2017: sales revenue US$1.45bn (up 22%), EBITDAX US$718m, underlying profit US$156m, but net loss US$506m after US$920m net impairments. No interim dividend, so the dividend stays suspended. Production 29.5 mmboe, sales 40.1 mmboe.
24 Aug 2017investor presentation● Neutral
Half-year results presentation repeating known figures: US$302m first-half free cash flow, US$33/bbl breakeven, net debt US$2.9bn, target US$2bn by end-2019, US$4.2bn liquidity and no interim dividend. No new information.
24 Aug 2017half year report● Neutral
Half-year 2017 media release: underlying profit US$156m versus a US$5m underlying loss a year earlier; net loss US$506m after US$689m after-tax impairment. Sales guidance lifted to 77-82 mmboe, net debt US$2.9bn, no interim dividend. Repeats the earlier 24 August result.
