Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Dec 2023regulatory community update▲ GoodMajor
NOPSEMA accepts the revised Barossa drilling and completions environment plan on 15 December 2023. This follows fresh consultation with Tiwi people after the earlier approval was set aside in 2022. Santos is now seeking the remaining approvals, which should let drilling resume.
7 Dec 2023business combination● NeutralMajor
Santos confirms preliminary merger talks with Woodside, while also assessing alternative structural options to unlock value, as flagged at Investor Day. Talks are early, with no agreement and no certainty of a deal.
7 Dec 2023business combination● Neutral
Woodside confirms it is in confidential, incomplete discussions about a potential merger with Santos, with no certainty of a transaction. This is the counterparty's matching statement to Santos's own confirmation the same day.
22 Nov 2023investor presentation▼ BadMajor
Investor Day reaffirms strategy and net zero by 2040. 2023 production guidance is tightened to 89-93 mmboe (previously 91-98), with 2024 guidance of 84-90 mmboe. Management is disappointed with the share price and reviewing alternatives. Pikka is 29% complete, Barossa 64% and Moomba CCS 75%.
15 Nov 2023regulatory community update● NeutralMajor
Federal Court lets Barossa pipelay proceed on the first 86km section but bars work beyond KP86 pending a hearing starting 4 December 2023. Santos will keep defending the case and remains committed to the project.
2 Nov 2023regulatory community update▼ BadMajor
Federal Court grants an interim injunction stopping Barossa pipelay until 13 November 2023. The pipelay vessel waits in Darwin. Guidance is unchanged for now, but will be reassessed if the injunction is extended. This continues the Munkara challenge.
31 Oct 2023regulatory community update▼ BadMajor
Santos will fight Federal Court proceedings brought on behalf of Simon Munkara over Tiwi cultural heritage along the Barossa export pipeline. Barossa cost and schedule guidance holds if pipelay finishes in 2023 and drilling starts by year end; an injunction would force a reassessment.
25 Sept 2023director officer appointment● Neutral
CEO Kevin Gallagher stays in the role but moves to flexible working until year end to support a family member's medical treatment. He steps back from external commitments and travel, and delegates some non-strategic functions. The Board backs him.
19 Sept 2023investor presentation● Neutral
Presentation for an investor trip to Alaska and the Pikka site on 17-19 September 2023. It repeats known portfolio, capital management (15-25% gearing) and project facts, such as Pikka Phase 1 and Moomba CCS first injection in 1H 2024. No new facts visible.
19 Sept 2023farm in farm out agreement▲ GoodMajor
Santos farms down half its interest in 148 Alaska North Slope exploration leases (over 270,000 acres) to APA and Armstrong's Lagniappe, leaving it with 25%. Early exploration costs fall to the partners. Subject to government approvals; focuses Alaska on Pikka.
12 Sept 2023debt financing● NeutralMajor
Santos prices a US$850m 10-year senior unsecured bond at a 6.875% fixed coupon, maturing September 2033, for general corporate purposes. Settlement is expected 19 September 2023.
1 Sept 2023asset acquisition disposition▲ GoodMajor
Santos signs a binding sale of 2.6% of PNG LNG to Kumul for US$576m cash plus about US$160m of assumed debt, not subject to financing. Kumul also gets an option on a further 2.4% for US$524m by 30 June 2024. This restructures the earlier 5% offer, which has expired.
23 Aug 2023half year report● NeutralMajor
First-half 2023 results: free cash flow US$1,129m (down 34%), underlying profit US$801m (down 37%) and production 45 mmboe (down 13%). Interim dividend rises 14% to US8.7c unfranked (US$283m). 2023 guidance is unchanged.
23 Aug 2023half year report● Neutral
Half-year report to June 2023: net profit US$790m (down 32%), underlying profit US$801m (down 37%) and revenue US$2,967m (down 21%). Interim dividend is US8.7c. A May 2023 reorganisation created three regional business units.
12 July 2023director officer appointment● Neutral
Company Secretary Jodie Hatherly resigns effective 31 July 2023. Amanda Devonish remains as Company Secretary. Administrative change.
29 May 2023annual report● Neutral
Santos publishes its 2023 Sustainability Report covering 2022 performance, such as a 70% fall in lost-time injury rate and US$1.1bn of tax contributions. Visible text is mostly contents and highlights, and nothing new for investors is shown.
3 May 2023investor presentation● Neutral
CEO presentation at the Macquarie conference repeats known 2022 records and Q1 2023 results (22.2 mmboe, US$720m free cash flow, US$466m of buyback done). No new facts are visible in the text.
1 May 2023material agreement● Neutral
Kumul extends its offer for 5% of PNG LNG (US$1.4bn asset value) to 31 August 2023, with Santos exclusive. Kumul still needs to finalise financing. This continues the sale that had been due to lapse on 30 April.
6 Apr 2023other● Neutral
AGM addresses by the Chair and CEO restate 2022 results, the strategy and the 40% free-cash-flow payout target. They flag regulatory and tax risks and say the share price has not yet reflected performance. No new announcements are visible in the truncated text.
7 Mar 2023material agreement▲ GoodMajor
Papua LNG joint venture enters full FEED for up to 6 mtpa: four electric trains (4 mtpa) at the PNG LNG site plus up to 2 mtpa of existing PNG LNG capacity. First production end-2027/early 2028; FID planned end-2023/early 2024. Santos holds 22.8%.
28 Feb 2023other● Neutral
Santos publishes its sixth annual Climate Change Report under TCFD recommendations, covering strategy, risk, governance and targets. Visible text is contents and disclaimers only, so no new figures can be confirmed from it.
22 Feb 2023annual report● Neutral
Santos publishes its 2022 Annual Report, covering the two-division restructure and the year's results already released on 22 February. Visible text is front matter and truncated, so no new figures can be confirmed.
22 Feb 2023annual report● Neutral
Santos' 2022 Shareholder Review repeats known results: production 103.2 mmboe, revenue US$7.8bn, free cash flow over US$3.6bn, gearing 18.9% and the 15.1c final dividend. It also restates Barossa at 55% complete and the Kumul PNG LNG offer extended to 30 April 2023.
22 Feb 2023admin correction● Neutral
Santos lodges its Appendix 4G, a checklist pointing to where its corporate governance disclosures are found. Administrative filing, no substantive new information.
22 Feb 2023other● Neutral
Santos releases its 2022 Corporate Governance Statement, listing its governance framework and policies. It is an administrative compliance document with no new financial or project facts visible.
22 Feb 2023annual report▲ GoodMajor
Santos reports 2022 underlying profit of US$2,461m (up 160%), net profit US$2,112m and free cash flow US$3,641m. Gearing is 18.9%. The final dividend rises 78% to US15.1c, with the US$700m buyback taking total 2022 returns to US$1,455m.
22 Feb 2023annual report▲ Good
Appendix 4E for 2022: revenue US$7,790m (up 65%), net profit US$2,112m (up 221%) and underlying profit US$2,461m (up 160%). Final dividend is US15.1c, after the 7.6c interim.
14 Feb 2023regulatory community update▲ GoodMajor
NOPSEMA accepts the Dorado Offshore Project Proposal, so Dorado now holds its primary development approvals following the April 2022 production licence. Santos must still finalise the concept and obtain remaining approvals before FID. Dorado and Pavo combined hold 189 million barrels of liquids and 401 PJ of gas (2C, gross).
14 Feb 2023resource reserve update▲ GoodMajor
Santos reports record 2P reserves of 1,745 mmboe at end-2022, up 171 mmboe before production, with 166% replacement. Pikka Phase 1 sanction added 165 mmboe, offset by a 26 mmboe WA cut from Spar/Halyard water ingress. Expected impairments are about US$147m plus US$181m pre-tax.
9 Feb 2023production update▲ Good
Gas production has resumed at John Brookes, offshore WA, and is expected to reach full rates within days. This resolves the late-November trunkline leak shutdown, which was first estimated at four to six weeks.
