Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 May 2022joint venture update● Neutral
Partner Central Petroleum says joint venture approvals are in place for Santos, as operator, to prepare three sub-salt Amadeus Basin wells for 2023: Mahler, Dukas and Mt Kitty. This advances the Peak Helium farmout, whose conditions are still being completed.
11 May 2022farm in farm out agreement● Neutral
NeuRizer says Santos will farm into Cooper Basin permit ATP 2023 in Queensland, earning 50% and becoming operator from Bridgeport. Three gas exploration wells are planned from late 2022. Santos' stake is announced by a partner, not Santos.
3 May 2022agm notice▼ BadMajor
At the AGM the remuneration report got 25.3% votes against, which is a first strike under the Corporations Act. The climate advisory vote passed with about 37% against. The shareholder constitution amendment was defeated with about 95% against. All directors, including Utsler, were elected.
29 Apr 2022asset acquisition disposition▲ GoodMajor
Santos completes the sale of a 12.5% Barossa interest to JERA for US$327m cash, leaving Santos at 50% and operator. Barossa is 33% complete, on schedule and budget for first production in the first half of 2025. This completes the sell-down expected for the first half of 2022.
20 Apr 2022capital raising announcement▲ GoodMajor
Santos adopts a new capital management framework: 10-30% free cash flow payout up to US$65 Brent, at least 40% of incremental free cash flow above that, and 15-25% target gearing (26% at March). It starts an on-market buyback of up to US$250m from May, acting on the planned review.
6 Apr 2022farm in farm out agreement● Neutral
Gas2Grid signed a binding term sheet to take 60% of two Santos Cooper Basin permits in Queensland (ATP 1063 and ATP 1174) by funding seismic and an exploration well, estimated at A$3m in total. Santos stays operator. Small, third-party-announced deal.
31 Mar 2022investor presentation● Neutral
Santos attaches the slides for its 31 March investor briefing on the 2022 Climate Change Report released the previous day. Presentation of already-announced material, no new information in the extract.
30 Mar 2022regulatory community update● Neutral
Santos releases its 2022 Climate Change Report targeting net zero by 2040, with new 2030 goals of 30% lower absolute emissions and 40% lower intensity. It will go to a non-binding advisory vote at the 3 May AGM, as promised last year.
23 Mar 2022drilling result▲ GoodMajor
Pavo-1 (Santos 70% operator, Carnarvon 30%) found a 60 m oil column with 46 m net pay, 46 km east of Dorado. 2C contingent resource is 43 mmbbl gross (Santos 30 mmbbl). It resolves the pending Pavo result and may allow a low-cost Dorado tie-back; drilling continues toward about 4,200 m.
21 Mar 2022flow test result▲ GoodMajor
Tamboran says Santos-operated Tanumbirini 2H and 3H flow rates were revised up about 17% after gas recalibration, to 2.0 and 1.7 mmscfd (3.0 and 2.9 per 1,000 m). This revises the 1 February figures, now at the 3.0 commerciality level cited earlier.
11 Mar 2022drilling progress report▲ Good
Carnarvon reports Pavo-1 (WA-438-P, Santos 70% operator) reached about 3,282 m, with gas readings and higher resistivity at 2,944-3,001 m suggesting hydrocarbons. Drilling paused for a cyclone; plan is to deepen to about 3,600 m. No final result yet.
9 Mar 2022regulatory community update▲ GoodMajor
Santos enters front-end engineering and design for Bayu-Undan CCS, which could store up to 10 million tonnes of CO2 a year. Santos holds 43.4% and operates. A final investment decision is targeted for 2023, subject to Timor-Leste and Australian agreements.
4 Mar 2022other● Neutral
S&P Dow Jones Indices will add Santos to the S&P/ASX 20 Index from 21 March 2022. Index change only; no change to the company's operations.
4 Mar 2022joint venture update▲ Good
Partner Carnarvon says Dorado Phase 1 (Santos 80% operator, Carnarvon 20%) is on track to be FID-ready by mid-2022, with initial output of 75,000-100,000 bopd gross. Carnarvon has started a process to fund its share.
22 Feb 2022material agreement▲ GoodMajor
Santos joined the PNG Government and P'nyang participants (ExxonMobil and JX Nippon affiliates) in signing a gas agreement setting the fiscal framework for P'nyang. Santos holds 38.5%. Development still needs a final investment decision and would follow Papua LNG.
16 Feb 2022annual report● Neutral
Santos lodges its 2021 Annual Report, restating the results already announced: production 92.1 mmboe, revenue US$4,713m, net profit US$658m, total dividends 14 US cents. Plans for 2022 include reducing gearing and reviewing capital management.
16 Feb 2022admin correction● Neutral
Santos lodges its Appendix 4G, a checklist pointing to where its corporate governance disclosures are found. Administrative filing with no new substance.
16 Feb 2022annual report● Neutral
Santos releases its 2021 Shareholder Review, a summary of the Annual Report repeating the record results, 14 US cent total dividend, and Barossa and Moomba CCS final investment decisions. No new information.
16 Feb 2022annual report▲ GoodMajor
Santos reports record 2021 free cash flow of US$1.5bn and underlying profit of US$946m, with only three weeks of Oil Search included. Final dividend is 8.5 US cents, 70% franked. 2022 production guidance is 100-110 mmboe; AGM set for 3 May 2022.
16 Feb 2022other● Neutral
Santos publishes its 2021 Corporate Governance Statement, noting the Oil Search merger board changes (Doyle, Werror, Utsler nominated) and a commitment to a Say on Climate vote at the 2022 AGM. Routine administrative disclosure.
16 Feb 2022annual report▲ Good
Santos's 2021 results show revenue up 39% to US$4,713m, net profit up 284% to US$658m and underlying profit up 230% to US$946m. Dividends are an interim of 5.5 cents and a final of 8.5 cents per share.
9 Feb 2022farm in farm out agreement● Neutral
Central Petroleum farmed out Amadeus Basin interests to Peak Helium, which will fund two sub-salt wells. Santos also confirmed it has entered farmout arrangements with Peak over its interests in the same permits and remains operator. Drilling is planned to begin in 2023.
8 Feb 2022resource reserve update▲ GoodMajor
Santos's 2P reserves rose 80% to 1,676 mmboe at end-2021, helped by Barossa's FID (373 mmboe) and Oil Search (416 mmboe). 2C resources rose 41% to 3,219 mmboe. It also booked 100 million tonnes of Cooper Basin CO2 storage.
1 Feb 2022flow test result● NeutralMajor
Tamboran reports initial 30-day flow rates for the Tanumbirini 2H and 3H wells in EP 161. After stabilising, the wells averaged 1.7 and 1.5 mmscfd, about 2.6 and 2.5 mmscfd per 1,000 metres. That is below the 3 mmscfd per 1,000 metres Tamboran cited as its commerciality threshold.
1 Feb 2022resource reserve update▲ GoodMajor
Tamboran raised EP 161 contingent resources following the Tanumbirini flow tests. Net to Tamboran (25%), 2C rises 428% to 153 Bcf (610 Bcf gross) and 1C to 48 Bcf. This is a modest resource booking from the Santos-operated Beetaloo wells.
30 Dec 2021flow test result▲ Good
Tamboran reports Tanumbirini 2H and 3H in EP 161 (Santos operator 75%, Tamboran 25%) are flowing gas to surface after fracture stimulation over 11 and 10 stages. Flow rates are not yet released; 30-day test results are due in the first quarter of 2022.
17 Dec 2021business combination● Neutral
Oil Search confirms the merger was implemented on 17 December 2021, with holders receiving 0.6275 Santos shares each. All Oil Search directors resigned and its ASX and PNGX quotation ends at close of trading 20 December. Oil Search shareholders now hold Santos shares.
17 Dec 2021business combination▲ GoodMajor
Santos implemented the Oil Search merger on 17 December 2021 and now owns 100% of Oil Search. Eligible holders received 0.6275 new Santos shares each, with normal trading from 20 December. This completes the deal approved earlier in December.
16 Dec 2021director officer appointment● Neutral
Oil Search directors Eileen Doyle and Musje Werror join the Santos board from merger implementation on 17 December 2021. Michael Utsler joins from the 2022 AGM. Three Oil Search non-executives were flagged to join after the merger.
15 Dec 2021other▲ Good
Moody's assigned Santos a Baa3 investment grade rating, stable outlook, citing the larger scale after the Oil Search merger. This adds to existing investment grade ratings from Fitch (BBB) and S&P (BBB-).
