Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2014director officer appointment▲ GoodMajor
Santos appointed Scott Sheffield, chairman and CEO of US shale producer Pioneer Natural Resources, as an independent non-executive director from 24 February 2014. Director Mike Harding will retire at the 2014 AGM after ten years on the board.
24 Feb 2014investor presentation● Neutral
Santos released an updated slide clarifying non-GLNG project capex from its 21 February results presentation. It adds detail on the nature of the costs and restates the unchanged US$18.5bn GLNG gross cost estimate. No new project news.
21 Feb 2014investor presentation● Neutral
Results presentation repeats the 2013 figures already released: net profit A$516m, 2014 production guidance unchanged at 52-57 mmboe, PNG LNG first cargo in Q3 2014, and GLNG 75% complete for 2015. Adds that 237 GLNG wells were spudded in 2013.
21 Feb 2014production update▼ Bad
Nexus reported that production at the Longtom gas processing facility halted overnight, with Nexus and Santos investigating the cause. No duration or cause is given. Longtom is a Nexus-owned field whose gas contract was amended in 2013.
21 Feb 2014resource reserve update▼ BadMajor
Year-end 2013 2P reserves were 1,368 mmboe, down 2.7% from 1,406 mmboe as 2013 production of 51 mmboe was not fully replaced. Contingent resources fell about 5% to roughly 1.9 billion boe, partly from new reporting guidelines trimming about 150 mmboe.
21 Feb 2014annual report● Neutral
Santos' 2013 full-year report (Appendix 4E) shows revenue of A$3,651m and net profit of A$516m, down 1%. Final dividend is 15c, making 30c for the year, with a 5 March 2014 record date. Directors and auditor details are unchanged.
21 Feb 2014annual report● NeutralMajor
Santos reported 2013 net profit of A$516m, in line with 2012, on record sales revenue of A$3.6bn (+12%). Underlying profit fell 17% to A$504m. Final dividend is 15c (30c for the year), and a progressive dividend policy was announced. PNG LNG is over 95% complete and GLNG 75%, with costs unchanged.
13 Feb 2014asset acquisition disposition▲ GoodMajor
New Guinea Energy agreed to sell its 50% of PNG licence PPL 269 to Santos subsidiary Barracuda for up to US$40m, with US$32m cash at completion. Completion depends on government approvals and Santos on-selling part of the interest.
6 Feb 2014drilling progress report● Neutral
Drillsearch's January report covers its own wells. In Santos-operated ATP 299P (Santos 60%), four of five Ipundu appraisal wells were cased as future oil producers, with the fifth due at total depth in early February. Drillsearch's Chiton-3 was suspended as a future oil producer.
5 Feb 2014drilling progress report● Neutral
Beach's January report mostly covers its own wells. In Santos-operated Cooper work, Barrolka-12 was cased as a gas producer, Moomba-193 needed a side-track, and Moomba-202, Big Lake-97 and -98 and Cooba-5 were suspended as gas producers.
20 Jan 2014drilling result● Neutral
Beach update on Cooper shale gas: Moomba-194 initial 3.1 mmscf/d fell to about 1.4 mmscf/d before shut-in, awaiting a flowline. Moomba-191 produces ~2 mmscf/d. Langmuir-1 is being cleaned up after 10-stage stimulation; Gaschnitz-1ST1 declined from ~1.5 to ~0.7 mmscf/d. Moomba-195 deferred.
20 Jan 2014joint venture update● Neutral
Carbon Minerals restructured its arrangements with Santos for Gunnedah PELs 1 and 12. Santos will do the on-hold field work as operator when reasonable, and the partner's cost share stays capped at $13m. Confirms the work remains paused given NSW conditions.
8 Jan 2014drilling progress report● Neutral
Beach's December report mostly covers its own wells. In Santos-operated Cooper work, Marama West-1 became a gas discovery, completing a three-well run of gas discoveries with Bolah-1 and Kaiden-1. The Zeus-Minos-Tennaperra oil campaign finished, and several Moomba and Big Lake gas producers were suspended.
23 Dec 2013asset acquisition disposition● Neutral
Kina Petroleum announced a 25% interest in PRL 38 (Pandora gas discoveries, offshore PNG). Santos subsidiary Barracuda holds 10%, confirming its stake in the licence; same award as the Cott announcement.
23 Dec 2013asset acquisition disposition● Neutral
Cott Oil and Gas was granted 40% of new PRL 38 (Pandora gas fields, Gulf of Papua). Santos subsidiary Barracuda holds 10%, with Talisman operator at 25% and Kina 25%. Work program starts with studies and a well in year 5; this is a small Santos interest.
19 Dec 2013flow test result▲ GoodMajor
Moomba-194 shale gas well is flowing at an average 3 mmscf/d from five zones, following Moomba-191 (~2.5 mmscf/d). Santos calls it a potentially material extension of Moomba North and a step toward commercialising the Nappamerri Trough. Santos holds 66.6%.
19 Dec 2013material agreement▲ GoodMajor
GLNG partners signed a deal to buy 100 PJ of gas from Origin over five years from January 2016, oil-linked, with options for up to 94 PJ more. Adds to earlier supply deals; GLNG is over 72% complete with first LNG in 2015.
17 Dec 2013joint venture update● Neutral
Drillsearch's November update covers its own Cooper Basin oil permits, including Bauer facility expansion and a planned drilling program. Santos is not mentioned in the readable text, so it carries little direct news for Santos shareholders.
4 Dec 2013investor presentation▼ BadMajor
Investor seminar cut 2013 production to about 51 mmboe, below the earlier 52-55 range, and guided 2014 to 52-57 mmboe on PNG LNG start-up. GLNG is 72% complete for first LNG in 2015; PNG LNG over 90%, costs unchanged.
4 Dec 2013drilling progress report● Neutral
Beach's November report mostly covers its own wells. In Santos-operated Cooper work, Kaiden-1 and Marama West-1 (drilling) extend the gas exploration program, Zeus-8 and Zeus-9 were cased for production, and Roswell-2 reached 3,481 m. Several Moomba and Kurunda gas producers were suspended.
25 Nov 2013asset acquisition disposition▲ GoodMajor
AWE says the sale of 50% of the Northwest Natuna PSC (Ande Ande Lumut, about 101 mmbbl) to Santos is complete for US$188m, with Indonesian approval received. Santos is now operator. Resolves the 22 August deal; FID is still expected in 2014.
6 Nov 2013drilling progress report● Neutral
Beach's October report mostly covers its own wells. In Santos-operated Cooper work, Bolah-1 was suspended as a gas discovery, the 16-well Cowralli pad program finished and is being fracture stimulated, and Zeus-10 was suspended as a future oil producer.
29 Oct 2013investor presentation● Neutral
Citi conference presentation repeating known strategy: 80-90 mmboe by 2020, PNG LNG over 90% complete and GLNG on track for 2015, and the intent to review capital management. No new results in the readable text.
25 Oct 2013material agreement▲ Good
GLNG and Australia Pacific LNG signed gas swap and infrastructure connection agreements for their Surat Basin fields. They avoid about 140 km of extra pipeline for the two projects. Santos GLNG says it helps first LNG in 2015.
10 Oct 2013contract award● Neutral
Contractor WDS says it rolled over its construction services agreement with Santos for GLNG appraisal gathering systems in the Surat Basin, ten years into the relationship. It is a supplier contract within a package of over $50m; no Santos value is stated.
2 Oct 2013drilling progress report● Neutral
Beach's September report mostly covers its own wells. In Santos-operated Cooper work, Okotoko West-3 ST1 was suspended as a gas producer, Cowralli-19, -20 and -29 await fracture stimulation, and Langmuir-1 was suspended at 3,815 m. Moomba-194 reached 3,368 m.
25 Sept 2013investor presentation● Neutral
CFO Andrew Seaton's Hong Kong CLSA forum presentation restates known strategy: 80-90 mmboe by 2020, PNG LNG and GLNG on schedule, and an intent to review capital management as PNG LNG production nears. No new figures or results shown in the readable text.
18 Sept 2013drilling progress report● Neutral
Mt Kitty top hole was at 417 m and is now planned to about 825 m, deeper than the 480 m announced the day before. The Q1 2014 main hole, to around 2,000 m, is unchanged.
17 Sept 2013drilling spud● Neutral
Mt Kitty gas well in the Amadeus Basin (EP125) spudded 13 September, as part of Santos's farm-in to earn 70%. A top hole is drilled first, with the main hole to about 2,000 m to the Heavitree formation in Q1 2014. Continues the Central Petroleum JV.
10 Sept 2013farm in farm out completion▲ GoodMajor
Drillsearch says due diligence conditions are satisfied on the 4 July deal. Santos now holds 60% of Western Cooper Wet Gas (PEL 106A, PEL 513) and funds a A$100-120m work program, and bought Drillsearch's 25.8% of PEL 100. Drillsearch lifts its Tintaburra stake to 40%.
