Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Oct 2024debt financing▲ GoodMajor
The Darwin LNG joint venture, in which Santos holds 43.43%, closes US$800m of bank loans: US$350m maturing 2031 and US$450m maturing 2036. They fund the plant's life extension works, scheduled to complete mid-2025 ahead of Barossa gas.
2 Oct 2024contract award▲ Good
Santos signs a mid-term oil-indexed LNG contract with TotalEnergies Gas & Power Asia for 20 cargoes, up to about 0.5 Mtpa, over three years plus one quarter from Q4 2025. It is a new LNG customer; about 80% of near-term volumes are oil-indexed.
1 Oct 2024director officer appointment● Neutral
Director Guy Cowan retires from the Santos board effective 1 October 2024. No reason or replacement is stated.
23 Sept 2024debt financing▲ GoodMajor
Santos refinances its syndicated bank loan, which was due August 2025, raising it from US$250m to US$850m. It is a fully revolving facility maturing January 2030, at a margin of 1.55% over SOFR. This extends debt maturities and adds liquidity.
17 Sept 2024farm in farm out agreement● NeutralMajor
Santos and the Bayu-Undan partners execute the deed transferring 16% to TIMOR GAP, taking Santos from 43.4% to 36.5%. This follows the 2 September terms announcement. Completion is subject to customary closing conditions; the production sharing contract ends by 30 June 2026.
5 Sept 2024director officer appointment● NeutralMajor
CFO Anthea McKinnell retires, returning to Perth for family reasons, and Sherry Duhe is appointed CFO from mid-October 2024. Duhe was Newcrest's interim CEO and Woodside's CFO until early 2022.
4 Sept 2024contract award▲ Good
Santos signs a mid-term, oil-indexed LNG deal with Glencore Singapore for 19 cargoes, up to about 0.5 Mtpa, over three years plus one quarter from Q4 2025. It follows the Hokkaido Gas deal and adds to the LNG sales book.
2 Sept 2024asset acquisition disposition● NeutralMajor
Santos agrees terms to transfer 16% of Bayu-Undan to TIMOR GAP, cutting Santos from 43.4% to 36.5%. The production sharing contract is extended to 30 June 2026. Execution is planned for mid-September; no price is stated in the text.
21 Aug 2024half year report● Neutral
Appendix 4D half-year report: revenue US$2,711m (down 9%), net profit US$636m (down 19%), underlying profit US$654m (down 18%). Interim dividend of 13.0 US cents unfranked, record date 27 August. Detail is repeated in the results media release.
21 Aug 2024half year report▲ GoodMajor
Santos reports first-half 2024 free cash flow of US$1.07bn (down 5%) and underlying profit of US$654m. Interim dividend is 13 US cents unfranked, a record US$422m (up 49%). Production was 44 mmboe, guidance is unchanged, and Barossa is nearing 80% complete.
28 May 2024contract award▲ GoodMajor
Santos signs a binding 10-year LNG supply deal with Japan's Hokkaido Gas for up to about 0.4 million tonnes a year, starting in 2027. It adds a long-term customer for the LNG portfolio, including Barossa and PNG LNG volumes. The parties will also explore carbon storage and e-methane.
23 May 2024admin correction● Neutral
Computershare's Sydney office, Santos's share registry, moves to 6 Hope St, Ermington NSW from 23 May 2024. Phone numbers and postal address are unchanged. Administrative notice only.
9 May 2024investor presentation● Neutral
Santos CEO Kevin Gallagher presents at the Macquarie conference in Sydney, covering strategy and market outlook. Visible text repeats known company positions, and the rest of the text was truncated, so no new substance is identified.
11 Apr 2024other● Neutral
Santos lodges the Chair's and CEO's addresses to the 2024 AGM held on 11 April. They restate 2023 results, including free cash flow just over US$2.1bn, a record US$852m cash return, and the strategy. Routine meeting material.
21 Feb 2024annual report● Neutral
Santos lodges its 2023 Annual Report, covering operations, reserves, remuneration and the audited financial report to 31 December 2023. It repeats results and reserves already announced, so it adds no new information.
21 Feb 2024annual report▲ GoodMajor
Santos posts 2023 free cash flow of US$2.128bn and underlying profit of US$1.423bn, with a record US$852m cash dividend (26.2c per share). Barossa is 67% complete with first gas expected in Q3 2025. Pikka first oil is expected in H1 2026. 2024 guidance is unchanged.
21 Feb 2024annual report● Neutral
Santos releases its 2023 Sustainability and Climate Report, updating progress toward its net-zero scope one and two emissions target by 2040. EY performed limited assurance of selected data. It is a reporting document and carries no new financial results.
21 Feb 2024annual report● Neutral
Santos issues its 2023 Shareholder Review, a summary of the annual report with a chair and CEO letter. It repeats known figures: US$5,889m revenue, US$2,128m free cash flow and 26.2c dividends. It says Santos continues to explore ways to unlock shareholder value.
21 Feb 2024annual report● Neutral
Santos reports 2023 revenue of US$5,889m (down 24%) and net profit of US$1,416m (down 33%). Underlying profit was US$1,423m (down 42%). Final dividend is 17.5 US cents unfranked, taking the full-year total to 26.2 cents. This is the Appendix 4E filing of the results.
21 Feb 2024other● Neutral
Santos lodges its Appendix 4G, a key showing where its corporate governance disclosures are found. The statement is stated to be current as at 20 February 2024 and approved by the Board. Administrative filing only.
21 Feb 2024other● Neutral
Santos releases its 2023 Corporate Governance Statement, describing board structure, committees and policies against the ASX Principles. It is a compliance document with no new financial or operational information.
13 Feb 2024resource reserve update● NeutralMajor
2P reserves fell to 1,661 mmboe at end-2023 from 1,745, as 92 mmboe of production outweighed an 8 mmboe addition. The replacement ratio was 9%. 2C contingent resources rose to 3,325 mmboe, helped by a 108 mmboe revision to Tanumbirini.
7 Feb 2024business combination● NeutralMajor
Santos confirms the Woodside merger talks have ended. After an initial information exchange, it says sufficient combination benefits were not identified to support a merger in its shareholders' best interests. It continues to review options to unlock value.
7 Feb 2024business combination● Neutral
Woodside says it has ended its discussions about a possible merger with Santos. Woodside says it will pursue only deals that add value for its shareholders.
1 Feb 2024asset acquisition disposition● NeutralMajor
The PNG LNG sale to Kumul is only partly completed. Kumul paid US$352m on 31 January 2024 (about a 1.6% interest), and gets more time to pay the remaining US$241m. Until then Santos keeps control of the entity holding the 2.6%.
15 Jan 2024regulatory community update▲ GoodMajor
Federal Court rules for Santos in Munkara v Santos, dismissing the application and lifting the injunction that blocked Barossa pipelay beyond KP86. Santos will continue pipelaying, resolving the challenge that began in October 2023.
15 Jan 2024other● Neutral
ASX temporarily pauses trading in Santos shares pending a further announcement. No reason is given in the notice.
9 Jan 2024director officer appointment● Neutral
Amelia Senneck becomes Company Secretary on 9 January 2024, as Amanda Devonish resigns. An administrative change.
29 Dec 2023asset acquisition disposition▲ GoodMajor
The PNG regulator has approved the sale of 2.6% of PNG LNG to Kumul, satisfying the only condition. Kumul has paid about US$250m into escrow and has binding funding for the rest, available by 31 January 2024. Terms are unchanged.
22 Dec 2023other● Neutral
Santos lodges its revised Securities Dealing Policy, approved by the Board on 24 October 2023 and effective 22 December 2023. It is an administrative filing under the listing rules, with no financial impact.
