Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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%.
25 Jan 2024quarterly activities report▲ Good
Q4 2023 production was 23.4 mmboe; full-year 91.7 mmboe, at the top end of guidance. Free cash flow was US$2.1bn for the year and net debt US$4.3bn. Barossa is 66.4% complete, drilling has resumed, and Santos has updated its cost and schedule guidance. Merger talks with Woodside continue.
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.
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.
19 Oct 2023quarterly activities report● Neutral
Q3 2023 production was 23.3 mmboe, revenue US$1.4bn and free cash flow about US$470m. Net debt is US$4.3bn after the US$850m bond. Barossa is 68% complete with drilling still suspended, and Moomba CCS is 75% complete with first injection now mid-2024.
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.
20 July 2023quarterly activities report● Neutral
Q2 2023 production was 22.8 mmboe, revenue US$1.3bn and free cash flow about US$400m. The US$700m buyback is complete. Barossa is 66% complete with drilling still suspended, Spartan started up, and gearing is 21.9% with net debt of US$4.1bn.
12 July 2023director officer appointment● Neutral
Company Secretary Jodie Hatherly resigns effective 31 July 2023. Amanda Devonish remains as Company Secretary. Administrative change.
