Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2025business combination▼ BadMajor
The XRG Consortium withdrew its non-binding takeover proposal, which had been announced in June. Santos says XRG would not agree acceptable terms on timing, regulatory risk and a domestic gas commitment. The bid is over, with no deal, and Santos stays listed.
11 Sept 2025material agreement▲ Good
Santos signed a non-binding MOU with Orica for up to 15 PJ a year of Narrabri gas for up to 10 years. It follows the ENGIE MOU and depends on a Narrabri final investment decision, a binding contract and approvals.
25 Aug 2025half year report● Neutral
Half-year report for 2025: revenue US$2,579m (-5%), net profit US$439m (-31%), underlying profit US$508m (-22%). A US$119m impairment relates to Hides footwall in PNG. Interim dividend is 13.4 US cents, franked to 10%.
25 Aug 2025half year report▲ GoodMajor
Santos reports first-half free cash flow of US$1.1bn and an interim dividend of 13.4 US cents, 10% franked, totalling US$435m. Pikka first oil guidance is brought forward to Q1 2026. Barossa is over 98% complete with first gas imminent, and Darwin LNG is ready for start-up.
25 Aug 2025business combination● Neutral
Santos and XRG are finalising the scheme implementation agreement, and XRG again found nothing in due diligence to cause it to withdraw. Santos extended exclusivity to 19 September 2025 so XRG can obtain its approvals. The US$5.76 per share price is unchanged, and no binding deal is certain.
19 Aug 2025business combination▼ BadMajor
Santos and XRG have not agreed binding deal terms, and XRG says it still needs final internal approvals, expected to take about four weeks. Santos does not expect a binding agreement by 22 August, though talks continue. Half-year results are deferred to 25 August.
11 Aug 2025other▲ GoodMajor
The Queensland Supreme Court ruled for Santos against Fluor over costs on the GLNG construction contract, ordering Fluor to pay at least A$692m to Santos and its co-venturers, with further sums, interest and costs to be determined. Santos's own share is not stated.
11 Aug 2025business combination● Neutral
The XRG Consortium has substantially completed due diligence and found nothing so far that would make it withdraw its US$5.76 per share proposal. At its request, Santos extended exclusivity by two weeks to 22 August. The fiduciary exception has applied since 25 July.
4 Aug 2025material agreement▲ Good
Santos signed a non-binding MOU with ENGIE to supply up to 20 PJ a year of Narrabri gas for at least 10 years. It depends on Santos making a final investment decision and signing a binding agreement. Narrabri approvals remain pending.
31 July 2025joint venture update▲ Good
Key Pikka processing modules arrived by barge at Oliktok Point, Alaska, with the remaining modules due in August. The project is almost 90% complete and drilling its 21st well. Santos says this creates the opportunity for an early start-up, after the mid-2026 first oil target.
9 July 2025other▲ Good
Santos announces that Moody's (Baa3) and S&P (BBB-) have reaffirmed its ratings with stable outlooks, alongside Fitch's BBB stable. This repeats the Fitch affirmation of 12 June and adds the Moody's and S&P outcomes. No new financing.
4 July 2025contract award▲ Good
Santos signed a mid-term LNG supply contract with QatarEnergy Trading for about 0.5 Mtpa over two years from 2026. The portfolio remains around 90% contracted, and average pricing is estimated at around 14.7% slope to Brent over 2025-2027.
27 June 2025material agreement● NeutralMajor
Santos signed a process and exclusivity deed giving the XRG Consortium six weeks of exclusive due diligence on its US$5.76 (A$8.89) per share proposal. A fiduciary exception lets the board consider a superior rival proposal from four weeks in. No binding deal is certain.
18 June 2025joint venture update▲ Good
The Barossa LNG FPSO arrived in the field on 15 June and was hooked up, with first gas still targeted for Q3 2025. Five of six wells are drilled, and US$3.95bn has been spent. Santos says the project is within original cost guidance, and Darwin LNG life extension work is 90% complete.
16 June 2025business combination▲ GoodMajor
Santos received a non-binding cash proposal from the XRG Consortium (ADNOC subsidiary XRG, ADQ, Carlyle) at US$5.76 (A$8.89) per share, a 28% premium to A$6.96. It follows earlier offers of US$5.04 and US$5.42. The board intends to recommend it if a binding deal is agreed, subject to due diligence and approvals.
12 June 2025debt financing▲ Good
Fitch reaffirms Santos's BBB credit rating with a stable outlook. S&P (BBB-) and Moody's (Baa3) are also stable. Fitch expects distributions to rise under the new framework of at least 60% of free cash flow from 2026.
10 June 2025admin correction● Neutral
Administrative notice that Computershare's Sydney office moves to 44 Martin Place from 10 June 2025. Phone numbers and postal address are unchanged. No bearing on the business.
7 May 2025investor presentation● Neutral
Conference presentation repeating known themes: free cash flow breakeven below US$35/bbl, US$150m structural savings target, and 30% production growth by 2027 from Barossa and Pikka. No new figures or events.
19 Feb 2025annual report● Neutral
Santos's 2024 annual report shows revenue down 9% to US$5,381m and net profit down 14% to US$1,224m. Underlying profit was US$1,201m. Dividends total 23.3 cents, including a 10.3 cent final, all unfranked, against 26.2 cents for 2023.
19 Feb 2025other● Neutral
Santos publishes its 2024 Climate Transition Action Plan ahead of a non-binding 'Say on Climate' vote at the 2025 AGM. It cites a 26% cut in equity Scope 1 and 2 emissions since 2019 and over US$740m invested since 2022.
19 Feb 2025annual report● NeutralMajor
Full-year 2024: free cash flow US$1.9bn, revenue US$5.4bn, net profit US$1.2bn. Final dividend 10.3c (23.3c total, 40% of free cash flow); gearing 23.9%. Santos targets US$100-150m annual structural savings. Barossa is 91% complete with first gas Q3 2025; 2025 guidance unchanged.
19 Feb 2025annual report● Neutral
Appendix 4G is the standard corporate governance key accompanying the 2024 annual report. It points to where governance disclosures sit, with the statement current to 18 February 2025. No new substantive information.
13 Feb 2025production update▲ Good
The Halyard-2 infill well in Western Australia is producing six weeks ahead of schedule, adding 65 mmscf/d into Varanus Island. About nine mmboe moves to 2P developed reserves. This follows the January result of about 20% more gas than expected.
12 Feb 2025resource reserve update● NeutralMajor
Santos's proved-plus-probable (2P) reserves fell to 1,559 mmboe at end-2024 from 1,661 mmboe. Production of 87 mmboe and the 30 mmboe PNG LNG sale to Kumul outweighed organic additions of 15 mmboe. 2C resources edged up to 3,338 mmboe; Cooper Basin CO2 storage resources rose to 178 Mt.
12 Dec 2024contract award▲ GoodMajor
Santos signs a binding 12-year LNG supply agreement with Japan's Shizuoka Gas for 0.35 to 0.4 Mtpa at plateau, starting in 2032. It is another long-term Japanese buyer after Hokkaido Gas.
19 Nov 2024investor presentation▲ GoodMajor
At its Investor Day Santos sets a new capital allocation framework: from 2026, at least 60% of all-in free cash flow returned to shareholders, up from 40%. It also targets storing about 14 Mtpa of third-party CO2e by 2040. Barossa is 84% complete, Pikka about 70%.
4 Nov 2024farm in farm out completion● NeutralMajor
Santos completes the 2.6% PNG LNG sale to Kumul, receiving the final US$241m for total cash of US$602m. Kumul also assumes about US$90m of project debt. Santos's interest falls from 42.5% to 39.9%; 2024 guidance is unchanged.
17 Oct 2024quarterly activities report▼ BadMajor
Moomba CCS is online at full injection rate, while Pikka phase one development capital is now expected to rise about 20% after inflation and faster pipelay. Q3 production was 21.6 mmboe, free cash flow about US$400m, gearing 21.7%. Barossa is 82% complete; 2024 capex guidance is unchanged.
14 Oct 2024admin correction● Neutral
Corrected re-release of the same-day notice that Sherry Duhe has started as CFO. The earlier version's headline said Chief Executive Officer. The body text is identical and adds nothing new.
14 Oct 2024director officer appointment● Neutral
Sherry Duhe starts as Chief Financial Officer, as announced on 5 September, replacing Anthea McKinnell. The release headline wrongly says Chief Executive Officer; the text confirms CFO. It is a re-release of the 14 October notice with a corrected title.
