Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Feb 2025annual report● Neutral
Appendix 4G is the standard corporate governance key accompanying the 2024 annual report. It points to where governance disclosures sit, with the statement current to 18 February 2025. No new substantive information.
13 Feb 2025production update▲ Good
The Halyard-2 infill well in Western Australia is producing six weeks ahead of schedule, adding 65 mmscf/d into Varanus Island. About nine mmboe moves to 2P developed reserves. This follows the January result of about 20% more gas than expected.
12 Feb 2025resource reserve update● NeutralMajor
Santos's proved-plus-probable (2P) reserves fell to 1,559 mmboe at end-2024 from 1,661 mmboe. Production of 87 mmboe and the 30 mmboe PNG LNG sale to Kumul outweighed organic additions of 15 mmboe. 2C resources edged up to 3,338 mmboe; Cooper Basin CO2 storage resources rose to 178 Mt.
23 Jan 2025quarterly activities report▲ Good
Q4 2024 production was 21.5 mmboe, taking the year to 87.1 mmboe, with full-year free cash flow of US$1.9bn and revenue of US$5.4bn. Gearing is about 20.8%. Barossa is 88.3% complete and Pikka 74%; the Halyard-2 well came in about 20% above expected recoverable gas.
12 Dec 2024contract award▲ GoodMajor
Santos signs a binding 12-year LNG supply agreement with Japan's Shizuoka Gas for 0.35 to 0.4 Mtpa at plateau, starting in 2032. It is another long-term Japanese buyer after Hokkaido Gas.
19 Nov 2024investor presentation▲ GoodMajor
At its Investor Day Santos sets a new capital allocation framework: from 2026, at least 60% of all-in free cash flow returned to shareholders, up from 40%. It also targets storing about 14 Mtpa of third-party CO2e by 2040. Barossa is 84% complete, Pikka about 70%.
4 Nov 2024farm in farm out completion● NeutralMajor
Santos completes the 2.6% PNG LNG sale to Kumul, receiving the final US$241m for total cash of US$602m. Kumul also assumes about US$90m of project debt. Santos's interest falls from 42.5% to 39.9%; 2024 guidance is unchanged.
17 Oct 2024quarterly activities report▼ BadMajor
Moomba CCS is online at full injection rate, while Pikka phase one development capital is now expected to rise about 20% after inflation and faster pipelay. Q3 production was 21.6 mmboe, free cash flow about US$400m, gearing 21.7%. Barossa is 82% complete; 2024 capex guidance is unchanged.
14 Oct 2024admin correction● Neutral
Corrected re-release of the same-day notice that Sherry Duhe has started as CFO. The earlier version's headline said Chief Executive Officer. The body text is identical and adds nothing new.
14 Oct 2024director officer appointment● Neutral
Sherry Duhe starts as Chief Financial Officer, as announced on 5 September, replacing Anthea McKinnell. The release headline wrongly says Chief Executive Officer; the text confirms CFO. It is a re-release of the 14 October notice with a corrected title.
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.
18 July 2024quarterly activities report▲ Good
Q2 2024 production was 22.2 mmboe, up 2% on Q1, with free cash flow of US$380m and gearing 19.9%. Barossa is 77% complete and Pikka 56.2%. Moomba CCS reached mechanical completion on 6 July; the Hokkaido Gas deal is confirmed binding.
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.
18 Apr 2024quarterly activities report● Neutral
Q1 2024 production was 21.8 mmboe, down from 23.4 mmboe in Q4, on weather and maintenance. Free cash flow was US$692m and gearing 19.7%. Barossa is 70.6% complete, Pikka 47% and Moomba CCS 85%, with first injection around mid-2024.
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.
