Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
20 Apr 2023quarterly activities report● Neutral
Q1 2023 production was 22.2 mmboe (down 13% on Q4), revenue US$1.6bn and free cash flow about US$720m. US$466m of the US$700m buyback is done. Barossa is 56% complete with drilling still suspended; Moomba CCS 60% complete.
6 Apr 2023agm notice▲ Good
All directors re-elected (89-94% for). Remuneration report passed with about 10% against, so no second strike after 2022's 25.3% against. Requisitioned constitution amendment defeated (6.7% for), so the conditional spill and capital protection items weren't put.
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.
3 Feb 2023agm notice● Neutral
Santos says shareholders holding under 0.007% of shares have requisitioned 2023 AGM resolutions: a constitution change allowing advisory votes on board powers, and an annual Paris-aligned reporting request. Santos opposes the constitution change, and says it already reports on climate. Notice of meeting is due in March.
19 Jan 2023quarterly activities report▲ Good
Santos reports record 2022 sales revenue of US$7.8bn and free cash flow of about US$3.6bn, with Q4 production of 25.6 mmboe, slightly down on Q3. Gearing fell to about 18.7%. Barossa is 55% complete with drilling suspended pending a resubmitted environment plan; synergies reached US$122m.
23 Dec 2022asset acquisition disposition● Neutral
Kumul extends its binding offer for 5% of PNG LNG (US$1.4bn asset value) from 31 December 2022 to 30 April 2023, with Santos still dealing exclusively with it. The sale has not yet completed.
20 Dec 2022regulatory community update▲ Good
The National Native Title Tribunal determines that Narrabri petroleum production leases 13-16 may be granted, on condition that an Additional Research Program is completed before Phase 2. This clears a native title step for the Narrabri project.
14 Dec 2022material agreement▲ Good
Santos agrees to buy 36.5 PJ of gas from the Walyering joint venture in the Perth Basin over five years from 1H 2023, for its WA domestic sales portfolio.
13 Dec 2022material agreement● Neutral
Mayur and Santos extend exclusivity to 1 December 2023 to negotiate a joint PNG nature-based carbon offset portfolio, covering 1.4 million hectares of rainforest. Santos' US$3m June 2022 loan stands. This extends the earlier 180-day exclusivity. Announced by the partner.
7 Dec 2022capital raising announcement▲ GoodMajor
Santos adopts a simplified capital framework of at least 40% of free cash flow returned annually, with gearing target 15-25% unchanged. It adds a further US$350m on-market buyback, bringing 2022's total to US$700m. The earlier US$350m is about 98% complete.
2 Dec 2022regulatory community update▼ BadMajor
The Full Federal Court dismisses Santos' appeal against the September ruling that set aside the Barossa drilling environment plan approval. Santos is revising the plan and will seek remaining approvals. It expects no material cost or schedule impact, with first gas still 1H 2025.
29 Nov 2022material agreement▲ Good
Santos agrees binding terms to supply Brickworks up to 35 PJ of gas over 11 years from January 2025, at CPI-linked prices, with an option to extend. Santos says it supports funding Cooper Basin, Queensland and Narrabri development.
29 Nov 2022production update▼ Bad
A small gas leak in a subsea flange on the John Brookes trunkline to Varanus Island forced a platform shutdown. Repairs are expected to take four to six weeks; Varanus Island continues at reduced rates, and no change to production guidance is anticipated.
8 Nov 2022investor presentation● NeutralMajor
At its Investor Briefing Day, Santos announces a new purpose and strategy (backfill and sustain, decarbonisation, clean fuels) and splits into two divisions, keeping net zero by 2040. 2023 production guidance is 91-98 mmboe, below 2022's 103-106 mmboe (guidance raised from 100-110 earlier context).
7 Nov 2022other● Neutral
Santos publishes its 2022 Sustainability Report covering safety, environment, climate, Indigenous partnerships and governance. The visible text is introductory and truncated; no new financial or project facts can be confirmed from it.
20 Oct 2022quarterly activities report▲ Good
Santos reports Q3 production of 26.1 mmboe, up from 25.5 in Q2, with record year-to-date sales revenue of US$5.9bn and free cash flow of US$2.7bn. Gearing fell to 20.8%. Barossa appeal hearing is expected mid-November, and synergies reached US$112m.
