Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2025asset acquisition disposition▲ GoodMajor
Santos agreed to sell its 42.86% Mahalo interest to Comet Ridge for A$40m upfront plus up to A$20m contingent. It also completed the sale of its Petrel and Tern interests to Eni, for cash and contingent consideration, cutting decommissioning exposure.
6 Nov 2025debt financing▲ GoodMajor
Santos priced a US$1bn 10-year senior unsecured bond at a 5.75% coupon, maturing November 2035. Proceeds are for general corporate purposes, adding long-dated debt alongside the 2033 bond and the 2028 and 2030 facilities.
16 Oct 2025quarterly activities report▲ Good
Q3 2025 production was 21.3 mmboe, with free cash flow of about US$300m and gearing 22.9% excluding leases. Pikka phase 1 is over 95% complete, first oil is on track for Q1 2026, and Barossa's first LNG cargo is expected in Q4.
14 Oct 2025director officer appointment● Neutral
CFO Sherry Duhe resigned, and Lachlan Harris, formerly Treasurer and Deputy CFO, became Acting CFO. The announcement says she is leaving to pursue other interests and gives no further reason.
22 Sept 2025production update▲ GoodMajor
Barossa's BW Opal FPSO received first gas after reaching ready for start-up on 16 September. All six wells found excellent reservoir, with about 300 mmscf/d expected per well. Darwin LNG's licence was renewed. The FPSO lease adds about US$665m of liabilities and about 2.4 points to gearing.
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.
17 July 2025quarterly activities report● Neutral
Q2 2025 production was 22.2 mmboe, with first-half free cash flow about US$1.1bn and gearing 20.5%. Cooper Basin floods shut in over 200 wells, and guidance was adjusted. Barossa is about 97% complete, Pikka about 89%, and Bayu-Undan production ceased in May.
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.
17 Apr 2025quarterly activities report▲ Good
Q1 2025 production was 21.9 mmboe, up 2%, with free cash flow about US$465m and gearing 22.2%. Barossa is 95.2% complete and Pikka 82.2%. Western Australian output rose over 18% on Halyard-2. Santos signed an MOU with Tamboran on Beetaloo gas export through Darwin.
10 Apr 2025agm notice● Neutral
Chair and CEO addresses to the AGM restate known points: US$1.9bn free cash flow, a 60% minimum payout from 2026, and Barossa and Pikka nearing completion. Moomba CCS has stored over 600,000 tonnes. Production is expected to rise more than 30% by 2027.
10 Apr 2025agm notice▲ Good
All AGM resolutions carried, with 85.85% backing the climate advisory vote. The Pikka pipeline is substantially complete a year early, opening a possible early start-up. Barossa is 95.2% complete, with first gas still due Q3 2025.
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.
