Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
8 Mar 2016agm notice● Neutral
Santos will not put a shareholder-requisitioned resolution to the 4 May AGM. The 98 verified signatories hold about 0.019% of shares, and Santos says the notice fails Corporations Act s249N requirements.
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.
5 Feb 2016agm notice● Neutral
Santos advises its AGM will be held on 4 May at the Adelaide Convention Centre. The text says 2015, a typographical error corrected in the next 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.
22 Jan 2016quarterly activities report● Neutral
Q4 production 14.9 mmboe took 2015 to 57.7 mmboe, within the 57-59 guidance; full-year capex A$1.66bn. Net debt was A$6.55bn with A$4.8bn liquidity. Santos expects to book asset and reserve write-downs in its full-year accounts.
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.
