Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Apr 2016director officer appointment● NeutralMajor
CEO Kevin Gallagher named a new six-member executive team, moving Santos from geographic business units to an asset-focused model, with corporate functions to be consolidated to cut costs. CFO Andrew Seaton stays.
24 Mar 2016security holder rights change● NeutralMajor
ENN Group's listed subsidiary plans to buy Hony Capital's 11.7% Santos stake for US$750m, subject to its shareholder approval. Santos consented to the transfer; the shares stay escrowed until 9 November 2016. Hony took its stake in the 2015 raising.
11 Mar 2016dividend declaration● Neutral
The dividend reinvestment plan issue price for the 5c final dividend, payable 30 March, is A$3.6871 per share. This follows the plan announced with the full-year result.
3 Mar 2016asset acquisition disposition▲ GoodMajor
Santos completed the sale of its 35% non-operated interest in the Kipper gas field in Victoria's Gippsland Basin to Mitsui E&P Australia, announced in November 2015, and received the A$520m cash proceeds.
2 Mar 2016drilling progress report● Neutral
Beach's February report: the Santos-operated Moomba-212 appraisal well found gas as expected and was cased as a future producer. Varanus South-2 (Santos 60%, Beach 40% after the 1 March Beach-Drillsearch merger) found about five metres of pay; Berylium-1 is drilling.
19 Feb 2016annual report▼ BadMajor
Full-year report: 2015 net loss of A$2,698m on revenue of A$3,294m, after A$3.9bn pre-tax impairments. Final dividend 5c, for 20c total for the year. Kevin Gallagher joined the board on 16 February 2016.
19 Feb 2016resource reserve update▼ BadMajor
Year-end 2P reserves fell 24% to 945 mmboe and 1P 22% to 485 mmboe, from 1,245 and 622 mmboe a year earlier. Gunnedah reserves (133 mmboe) were reclassified as contingent resources; 2C resources rose 8% to 1,853 mmboe.
19 Feb 2016half year report▼ BadMajor
Santos reports a 2015 net loss of A$2.7bn, driven by A$2.8bn after-tax impairments mainly on Cooper Basin, GLNG and Gunnedah assets. Underlying profit was A$50m. 2016 capex guidance is cut to A$1.1bn; production guidance is 57-63 mmboe; the final dividend is 5c.
19 Feb 2016investor presentation● Neutral
Results presentation repeating the 2015 loss of A$2.7bn, A$3.9bn impairments, 2016 capex cut to A$1.1bn and A$4.8bn liquidity. It also reports 825 positions removed and a new dividend framework based on a payout of underlying profit.
5 Feb 2016admin correction● Neutral
Corrected notice: the AGM is on Wednesday 4 May 2016, 10:00am, Adelaide Convention Centre. It fixes the year typo in the earlier notice.
3 Feb 2016drilling progress report● Neutral
Beach's January report: Santos-operated Moomba North six-well campaign completed, all wells cased as future gas producers. Bauer-25 (Beach 40% operator) found a two-metre net oil column; Middleton East-1 found 9.3 metres of net gas pay. Santos not an owner in the latter two.
22 Jan 2016other▼ Bad
S&P cut Santos' credit rating one notch from BBB to BBB-, still investment grade. Santos says its financial position is unchanged and its debt facilities have no rating-linked triggers.
6 Jan 2016drilling progress report▲ Good
Beach's December report: Santos-operated Moomba South three-well gas campaign finished (Moomba-209, -210, -211) using under-balanced drilling. Correa-3 and Whanto West-1 were cased as future producers; Whanto West-1 is the fifth Windorah discovery from five wells, completing that program.
24 Dec 2015contract award▲ GoodMajor
GLNG participants (Santos 30%) signed a deal to buy 254 PJ of gas from AGL over 11 years from January 2017, oil-linked, adding to GLNG's supply. Train 1 is running above nameplate with six cargoes shipped; Train 2 first LNG is on track for Q2 2016.
24 Dec 2015contract award▲ Good
AGL announced a gas sales agreement with the GLNG participants including Santos for 254 PJ, delivered at Wallumbilla over 11 years from January 2017 at oil-linked pricing. This is AGL's release of the same deal Santos reports.
23 Dec 2015production update▲ Good
Drillsearch says Cadenza has begun production in the Western Wet Gas joint venture (Santos 60% operator, Drillsearch 40%). Yarowinnie South and Varanus South are expected early in the second half of FY2016. Drillsearch's connection costs are free-carried.
4 Dec 2015director officer appointment● Neutral
Kevin Gallagher will start as Santos Managing Director and CEO on 1 February 2016. This sets the exact date within the earlier 'early 2016, no later than 31 May' window announced on 9 November.
3 Dec 2015drilling result▲ Good
Drillsearch reports Washington-1 (PEL 570, Santos 35% operator) flowed gas to surface within seven days and later produced liquids during a 38-day test. The well is shut in while completion options are considered. Willow-1 is expected to spud in December.
3 Dec 2015capital raising announcement▲ GoodMajor
The retail shortfall bookbuild cleared at A$4.10, a 6.5% premium to the A$3.85 offer price. This completes the A$2.5bn entitlement offer, with new shares trading 11 December. Non-participating retail holders receive A$0.25 per entitlement around 14 December.
2 Dec 2015capital raising announcement▲ GoodMajor
The retail entitlement offer received valid acceptances for 201 million new shares (about A$775m), 57% of those available. About 152 million entitlements (about A$585m) go to the retail shortfall bookbuild on 3 December. New shares are issued 10 December.
2 Dec 2015drilling progress report▲ Good
Beach's November report: Santos-operated Gooranie-7 finished the six-well Tirrawarra-Gooranie gas campaign, and Moomba-204 and -205 were cased as gas producers. Whanto East-1 is the fourth Windorah gas discovery, with Whanto West-1, the fifth well, drilling.
26 Nov 2015resource reserve update▲ GoodMajor
Cooper Energy raised its net 2C contingent resource in the Sole field (VIC/RL3, Santos 50% operator) by 15 PJ to 121 PJ, after reinterpreting core analysis. Front-end engineering is on schedule, with a final investment decision targeted for the September quarter 2016.
18 Nov 2015capital raising announcement● Neutral
Santos has despatched the retail entitlement offer booklet and personalised forms to eligible shareholders. The retail offer closes 30 November. Administrative notice with no new terms.
13 Nov 2015capital raising announcement● Neutral
Retail offer booklet for the 1-for-1.7 entitlement offer at A$3.85, closing 30 November. The visible text is legal notices and disclaimers and adds no new figures beyond the already announced terms.
13 Nov 2015capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand they cannot take up the retail offer. Their entitlements will be sold in the 3 December bookbuild, with any premium paid around 14 December, though none is guaranteed.
12 Nov 2015capital raising announcement▲ GoodMajor
The institutional part of the entitlement offer raised about A$1.17bn, with 86% of entitlements taken up. The shortfall bookbuild cleared at A$4.60, A$0.75 above the A$3.85 offer price. The retail offer, expected to raise about A$1.35bn, opens 17 November.
10 Nov 2015capital raising announcement● Neutral
Letter to eligible retail shareholders on the A$2.5bn 1-for-1.7 entitlement offer at A$3.85, a 34.9% discount to the A$5.91 close. It repeats known terms and the Hony A$500m placement at A$6.80; about 728 million new shares would lift the total to roughly 1,766 million.
9 Nov 2015capital raising announcement▼ BadMajor
Santos completed its strategic review with A$3.5bn of net debt reduction: a A$2.5bn entitlement offer (1 for 1.7 at A$3.85), a A$500m Hony Capital placement at A$6.80, and the A$520m Kipper sale to Mitsui. This reverses the August stance of no current intention to raise equity.
9 Nov 2015investor presentation● Neutral
Investor presentation for the strategic review outcome, the entitlement offer and the new CEO appointment, repeating the same-day release. The visible text is disclaimers and offer terms and adds no new figures.
9 Nov 2015capital raising announcement● Neutral
ASX notice setting out the timetable for Santos' 1 for 1.7 accelerated renounceable entitlement offer at A$3.85 to raise about A$2.5bn. Retail rights trade 12-23 November and retail new shares are issued 10 December. It repeats known terms.
