Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2016quarterly activities report▲ GoodMajor
Q3 production was 15.5 mmboe (+7%) and sales 21.3 mmboe (+31%). Santos started oil hedging, with 7.3m barrels of 2017 covered. 2016 capex guidance is cut to US$700m, production narrowed to 60-62 mmboe and cost guidance cut to US$9-9.50/boe.
5 Oct 2016drilling result● Neutral
Beach's September report: Big Lake-135 was cased as a gas producer with a low-side outcome, and Big Lake-136 was cased afterwards, in the Santos-operated JV. Beach's own Stunsail-3 was cased and Kangaroo-1 spudded.
28 Sept 2016other● Neutral
Karoon's purchase of Pacific's 35% in Brazilian Santos Basin blocks (up to US$20.5m). The 'Santos' here is a Brazilian basin, not Santos Ltd. It has no bearing on the company.
19 Sept 2016director officer appointment● NeutralMajor
Anthony Neilson, currently CEO of Roc Oil, is appointed Santos CFO, starting in December 2016. He fills the role from retiring CFO Andrew Seaton, who stays on for an orderly handover. This resolves the successor search.
7 Sept 2016drilling result● Neutral
Beach's August report: Hanson-4 and Callawonga-12 were cased as future oil producers (Beach operated, not Santos). In the Santos-operated Cooper JV, Big Lake-134 was cased as a Permian gas producer with 143m net gas pay, in line with estimates.
19 Aug 2016half year report▼ Bad
Media release on the same result: net loss US$1,104m, underlying loss US$5m, net debt down to US$4.5bn, and free cash flow breakeven oil price lowered to US$43.50/bbl from US$47. Upstream unit costs fell 15% to US$8.80/boe; no dividend.
19 Aug 2016investor presentation● Neutral
Presentation of the half-year result, repeating known figures: net loss US$1,104m, underlying loss US$5m, net debt US$4.5bn, capex US$283m. It adds 253 positions removed (US$35m a year labour savings) and a target breakeven of US$35-40/bbl.
19 Aug 2016half year report▼ BadMajor
Santos reports a first-half net loss of US$1,104m, driven by the previously flagged GLNG impairment (net impairment US$1,516m pre-tax). Underlying loss was US$5m. Production was a record 31.1 mmboe and no interim dividend will be paid.
15 Aug 2016asset acquisition disposition▼ BadMajor
Santos expects a non-cash GLNG impairment of about US$1,050m after tax (US$1,500m before tax) in its half-year accounts. It cites slower equity gas ramp-up and higher third-party gas prices. Santos says off-take commitments and debt facilities are unaffected.
3 Aug 2016drilling result● Neutral
Beach's July report: Tirrawarra-90 was cased as a producer, but the final Tirrawarra-89 is deferred by wet weather to Q2 FY17. Coolah-4 found gas slightly below estimates, completing a campaign where all three wells were cased. Big Lake-134 started.
20 July 2016director officer appointment● NeutralMajor
CFO Andrew Seaton, in the role six years and with Santos over eleven, will retire by the end of 2016. He stays to hand over, and a search for his successor has begun. This continues the executive changes under CEO Gallagher.
19 July 2016financial restatement● Neutral
Santos will report in US dollars from the 2016 interim result, because revenue is now mostly US-dollar. Prior figures are restated, e.g. FY2015 product sales US$2,442m and net loss US$1,953m. Unaudited; underlying accounting policies are unchanged.
8 July 2016drilling result▲ GoodMajor
AAL-4XST1 is finished and plugged. The G Sand flowed 828 bopd; a K Sand test started at 1,120 bopd but a sand screen failed before it stabilised. The joint venture says data is sufficient, and will use it for G Sand development planning. Within budget.
6 July 2016drilling result▲ Good
Beach's June report: Tirrawarra-92 and -91 were cased as producers after gas and oil pay. Dunadoo-1 and Coolah-3 in Queensland found Toolachee gas in line with pre-drill estimates. Tirrawarra-90 and Coolah-4 have spudded since month-end.
28 June 2016well test result▲ GoodMajor
The AAL-4XST1 sidetrack flow-tested the G Sand at 828 barrels a day, 58% above the earlier AAL-3X test (525). It confirms the oil in the 36 mmbbl gross G Sand resource (Santos 50% op) and supports a possible development decision, per AWE.
27 June 2016joint venture update▲ Good
Central Petroleum, operating Mereenie with Santos, reports a 30-day test of the Stairway Sandstone flowed gas at 1.5 million cubic feet a day with low nitrogen. The zone is currently part of 182 PJ of 2C contingent resources; Central says reserve status is 'tantalizingly close'.
15 June 2016drilling progress report▼ Bad
A mechanical obstruction in AAL-4X means the planned flow tests cannot be done in the current hole, so a sidetrack will be drilled. Oil-bearing sands were found in both targets and ~63m of core recovered. AWE says the well is still expected to be within budget.
1 June 2016drilling result▲ Good
Beach's May report: Tirrawarra-93 was cased as a future producer after gas and oil pay, and Tirrawarra-92 was spudded. In Queensland, Durham Downs North-6 found gas (30m net) and the three-well campaign is complete. Dunadoo-1 spudded.
30 May 2016drilling progress report▲ Good
AAL-4X in the Northwest Natuna PSC (Santos 50% op, AWE 50%) reached 1,246m total depth. It hit the G Sand on prognosis at 1,176m and the K Sand at 1,131m, with oil shows in both. Flow tests are planned after logging.
26 May 2016production update▲ GoodMajor
GLNG train 2 produced its first LNG on 26 May 2016, completing the two-train project (Santos 30% op). The project has made over two million tonnes of LNG and shipped 32 cargoes. This meets the Q2 2016 start-up target.
16 May 2016drilling spud● Neutral
Santos-operated AAL-4X appraisal well spudded 14 May in the Northwest Natuna PSC, Indonesia (Santos 50%, AWE 50%). It targets the G Sand, estimated at 36 million barrels gross recoverable, to a planned 1,232m depth over about 48 days.
10 May 2016director officer appointment● Neutral
Peter Hearl and Guy Cowan joined the Santos board on 10 May 2016, as announced on 13 April. Cowan chairs the Audit and Risk Committee; Hearl also sits on it.
4 May 2016drilling result● Neutral
Beach's April report: the four-well ex-PEL 513 campaign (Santos 60%) is complete, with final well Lyra-1 finding gas. In Queensland, Durham Downs-9 was abandoned but Durham Downs North-5 had a high-side gas outcome. A five-well Tirrawarra-Gooranie campaign began.
13 Apr 2016director officer appointment● Neutral
Peter Hearl and Guy Cowan will join the board shortly after the 4 May AGM as independent directors, replacing retiring Ken Dean and Jane Hemstritch. Both will sit on the Audit and Risk Committee; part of board renewal.
6 Apr 2016drilling result● Neutral
Beach's March report: Santos-operated Berylium-1 (Santos 60%) found gas, a low-side result, and was cased as a future producer. Sphalerite-1, the third near-field well, found no gas and was abandoned. Washington-1 further testing is now planned for H1 FY17.
1 Apr 2016annual report● Neutral
2015 Shareholder Review, a summary of the annual report. It repeats known figures: production 57.7 mmboe, revenue A$3,246m, net loss A$2,698m, 20c dividends. Nothing new.
1 Apr 2016annual report● Neutral
Santos lodges its 2015 Annual Report, restating the A$2,698m loss, 57.7 mmboe production and the November 2015 A$3.5bn balance-sheet plan. The Chairman says the LNG investments should be judged through the oil price cycle. No new figures beyond the February result.
1 Apr 2016other● Neutral
Appendix 4G, a governance checklist lodged with the annual report, pointing to the online Corporate Governance Statement. It carries no new business information.
1 Apr 2016other● Neutral
2015 Corporate Governance Statement. It notes Peter Coates's Executive Chairman stint (24 Aug 2015 to 31 Jan 2016) breached the ASX independent-chair recommendation, and that he is again non-executive Chairman since 1 February 2016. Nine directors; no new business information.
1 Apr 2016annual report● Neutral
2015 Sustainability Report, with a minor April 2016 editorial revision. It covers safety, emissions and community performance and repeats the cuts of 54% in capex and over 800 roles. No changes to commitments or data tables.
