Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2014debt financing▲ GoodMajor
Santos secured an additional three-year A$1bn bilateral bank loan facility with ANZ. Management says it adds a buffer over funding needs while oil prices are uncertain. Adds to the roughly A$2bn of cash and undrawn facilities reported at 30 November.
16 Dec 2014farm in farm out agreement● NeutralMajor
Cooper Energy agreed to buy 50% of the Sole gas field and Orbost Gas Plant from Santos, which keeps 50% and operates. Cooper pays A$2.5m and funds the first A$50m of costs; FEED is due to start, with first gas targeted late 2018/early 2019. Conditions apply.
15 Dec 2014drilling spud● Neutral
Cooper Energy says Jenners-1 spudded in PEL 100, Cooper Basin, with a planned depth of 2,608 m. Santos holds 25.835% and Senex operates with 55%. Small non-operated exploration well for Santos.
12 Dec 2014drilling result▲ GoodMajor
Drillsearch says Yarowinnie South-1 in PEL 513 (Santos 60% op) found almost 15 m net gas pay in the Patchawarra, to 3,142 m, and was cased as a future producer. A second wet gas discovery for the joint venture after Varanus South-1.
11 Dec 2014other▼ BadMajor
Santos cut 2015 capex 25% to A$2.0bn from A$2.7bn (growth ~A$1.4bn, sustaining ~A$600m) after the oil price fall. 2015 production guidance stays at 57-64 mmboe, no equity raising is intended, and asset sales remain under consideration.
9 Dec 2014debt financing▼ BadMajor
S&P cut Santos' long-term senior unsecured rating from BBB+ to BBB, with the outlook still negative. Santos said it remained investment grade, with about A$2bn in cash and undrawn debt facilities at 30 November 2014.
8 Dec 2014contract award● Neutral
Tempo Australia won a three-year general services contract with Santos for trade labour, focused on the Cooper Basin. It is a small supplier contract for Tempo; no value given and no material effect on Santos.
5 Dec 2014drilling progress report● Neutral
Drillsearch's November report repeats the Varanus South-1 discovery in PEL 513 (Santos 60% op) and notes Yarowinnie South-1 spudded 28 November. Mostly Drillsearch's own wells; no new Santos result beyond the 27 November announcement.
4 Dec 2014capital raising announcement▼ BadMajor
Santos deferred a possible European hybrid issue after the oil price fell following OPEC's decision to hold output. It has no current intention to raise equity, has about A$2bn liquidity, and expects to significantly cut 2015 capital and operating spending.
3 Dec 2014drilling progress report● Neutral
Beach's November report is mostly its own Bauer oil wells. In Santos-operated Cooper work, Big Lake-121, -122 and -131 and Durham Downs North-4 were cased as gas producers, Nephrite South-10 spudded, and Gaschnitz-3 was cased. No major Santos news.
27 Nov 2014drilling result▲ GoodMajor
Varanus South-1 in PEL 513 (Santos 60% op, Drillsearch 40%) found 18 m net gas pay in the Patchawarra plus 9 m net hydrocarbon pay in the Tirrawarra, to 3,154 m. Cased as a future wet gas producer; first well of the 2013 joint venture.
26 Nov 2014investor presentation● Neutral
Santos' investor seminar repeats known points: GLNG 90% complete, first LNG in 2H 2015 within US$18.5bn, first commissioning gas to the plant expected December 2014, and the 80-90 mmboe by 2020 target. The text shown mentions a possible European hybrid issue only via later news.
6 Nov 2014drilling progress report● Neutral
Drillsearch's October report covers its Cooper Basin wells. Santos-operated results: Varanus South-1 (PEL 513, Santos 60% op) being prepared to drill, Ipundu North-5 and -7 (ATP 299) deepened and cased as Murta producers. Mostly Drillsearch's own wells; no major Santos result.
5 Nov 2014drilling progress report● Neutral
Beach's October report mostly covers its own wells. In Santos-operated Cooper work, Balcaminga-2, Durham Downs-8, Leleptian-5 and -6, and Big Lake-120, -126 and -127 were cased as future gas producers, and Tickalara oil wells were cased. No new result of significance for Santos.
29 Oct 2014farm in farm out completion▲ GoodMajor
New Standard says the PEL 570 farm-out completed: Santos paid A$7.5m for an operated 35% interest and has agreed to meet 75% of remaining earn-in commitments. Government approvals are done. This resolves the 23 October deal; Santos now operates PEL 570 alongside Drillsearch.
24 Oct 2014director officer appointment● Neutral
Appendix 3X for new director Yasmin Allen, appointed 22 October 2014, shows she holds no Santos securities or contract interests. Administrative filing that follows the appointment announcement.
23 Oct 2014farm in farm out agreement▲ GoodMajor
New Standard Energy is selling Santos a 35% operated interest in PEL 570 in the Cooper Basin for A$7.5m cash, with Santos also meeting 75% of New Standard's remaining A$42.5m earn-in commitments. Operatorship moves to Santos; completion awaits government approvals. It extends Santos' Cooper unconventional position.
22 Oct 2014director officer appointment● Neutral
Santos appointed Yasmin Allen as an independent non-executive director from 22 October 2014. She has over 20 years in finance and investment banking and sits on the boards of IAG and Cochlear. It adds one director to the board.
1 Oct 2014drilling progress report● Neutral
Beach's September report mostly covers its own wells and Egypt. In Santos-operated Cooper work, Caroowinnie-2, Tallerangie-2, Andree-6 and Big Lake-125, -113 and -114 were cased as future producers, while others kept drilling. No new result of significance for Santos.
30 Sept 2014other● Neutral
Shareholder newsletter repeats the first-half result: underlying profit A$258m, 20c interim dividend, PNG LNG at full capacity, GLNG over 85% complete, Lasseter discovery. It states A$2.7bn in cash and undrawn debt facilities and that the dividend will next be reviewed around GLNG start-up. No new information.
26 Sept 2014dividend declaration● Neutral
Santos set the issue price for shares under the dividend reinvestment plan at A$14.6198 for the 20c interim dividend, paid 30 September 2014. The price is the 7-day average less a 2.5% discount. This implements the dividend announced on 22 August.
9 Sept 2014joint venture update● Neutral
Central says Santos finished logging Mt Kitty-1; earlier gas flows came from fractured granite basement, not the Heavitree Quartzite. The well is being plugged and suspended, and a sidetrack may follow. This resolves the Mt Kitty-1 testing thread, with no resource figure.
5 Sept 2014other● Neutral
S&P Dow Jones Indices will remove Santos from the S&P/ASX 20 after the close on 19 September 2014, because the index currently carries an additional constituent. It stays in the ASX 50 and 100. Index housekeeping, not a company event.
3 Sept 2014drilling progress report● Neutral
Beach's August report is mostly about its own wells. In Santos-operated Cooper work, Big Lake-111, -112, -119 and Durham Downs-6 were cased and suspended as future gas producers, and others kept drilling. No new result of significance for Santos.
27 Aug 2014joint venture update● Neutral
Central says Santos plans to re-enter Mt Kitty-1 to finish logging and then plug and suspend the well. A resource estimate and economics study will follow. This follows the earlier disparate gas results and the alternate-rig plan. Santos will shoot at least ~200 km of seismic in EP 125.
27 Aug 2014contract award● Neutral
WDS says it won about A$65m of contracts, including the Santos GLNG Fairview Eastern Flank construction contract for facilities on 74 gas wells, starting later this year. This is a contractor's win; the text gives no Santos cost, and it shows GLNG upstream work continuing.
22 Aug 2014drilling result▲ GoodMajor
Santos' Lasseter-1 in the Browse Basin (WA-274-P, Santos 30% operator) found a gas-condensate column with 78 m of net pay, reaching 5,329 m. It follows the 2012 Crown discovery and will now be plugged and abandoned as planned.
22 Aug 2014investor presentation● Neutral
The half-year results presentation repeats the same-day release: underlying profit A$258m, interim dividend 20c, PNG LNG at full production, GLNG over 85% complete, and the Lasseter discovery. The dividend is next expected to be reviewed around GLNG start-up.
22 Aug 2014half year report▲ GoodMajor
First-half 2014 net profit fell 24% to A$206m after a A$67m impairment; underlying profit rose 3% to A$258m on sales revenue of A$1,887m (+25%). Interim dividend is 20c, up from 15c. The detailed report repeats the same-day results release.
22 Aug 2014half year report▲ GoodMajor
Santos reports first-half underlying profit up 3% to A$258m and raised the interim dividend 33% to 20c. PNG LNG is at full capacity and first cash arrived in July; GLNG is over 85% complete. 2014 guidance is maintained.
