Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2022regulatory community update● Neutral
Santos welcomes the Australian Government's Heads of Agreement with east coast LNG exporters, saying it has no adverse impact on Santos or GLNG. Uncontracted LNG gas is to be offered domestically first. GLNG has provided a 2023 seasonal shaping plan.
29 Sept 2022drilling result▲ Good
Red Sky says drilling at Yarrow 3 is complete: casing set at 2,744.5m, well suspended and rig released. Gas is indicated in both target formations on preliminary data, and the results will now be evaluated to set the forward plan. Largely repeats the 26 September result.
27 Sept 2022asset acquisition disposition▲ GoodMajor
Santos receives a binding conditional offer from PNG state company Kumul for 5% of PNG LNG at US$1.4bn asset value, including about US$0.3bn of project debt. Kumul paid US$55m into escrow. Open until 31 Dec 2022, subject to pre-emption waivers. This follows the earlier sell-down talks; Santos would keep 37.5%.
26 Sept 2022asset acquisition disposition▲ Good
Comet Ridge says Santos exercised its option for a further 12.86% of the Mahalo Gas Project, moving interests to Santos 42.86% and Comet Ridge 57.14%. The loan is largely settled, and Santos takes on US$3.43m of deferred consideration to APLNG. Announced by the partner.
26 Sept 2022drilling result▲ GoodMajor
Partner Red Sky reports Santos' Yarrow 3 appraisal well in PRL17 (Innamincka Dome, Cooper Basin) reached 2,748m and found gas in the Tirrawarra Sandstone and Patchawarra Formation on preliminary logs. The well will be cased and suspended as a potential producer. Announced by the partner.
26 Sept 2022investor presentation● Neutral
Santos' US and UK investor roadshow deck repeats the 2022 half-year results and known projects. The visible text is a disclaimer and cover; the rest was truncated, so no new information can be confirmed.
21 Sept 2022regulatory community update▼ BadMajor
The Federal Court sets aside the regulator's acceptance of Barossa's drilling environment plan, finding Tiwi Islanders were not properly consulted, so drilling is suspended. Santos will appeal or seek a fresh plan. It says the project is 46% complete and drilling is not on the critical path.
12 Sept 2022price query● Neutral
Santos responds to media speculation about ENN selling a 9.97% stake, noting ENN lodged a notice on 22 April 2022 saying its holding had fallen below 5%. It does not confirm or comment on the speculated sale.
5 Sept 2022regulatory community update▲ GoodMajor
Santos wins two offshore CO2 storage appraisal permits: G-9-AP in the Carnarvon Basin (Santos 50% op, Chevron 50%) and G-11-AP in the Bonaparte Basin (Santos 40% op, Chevron 30%, SK E&S 30%). They extend its CCS plans beyond Reindeer and Bayu-Undan.
30 Aug 2022debt financing▲ GoodMajor
Santos extends two syndicated bank facilities totalling US$1.25bn: US$250m maturing August 2025 and US$1bn maturing February 2028. Proceeds first refinance loans due 2024 and 2026, leaving no significant corporate debt maturities until 2027, excluding PNG LNG project finance.
29 Aug 2022material agreement● NeutralMajor
Santos, as Barossa operator, approves the Darwin Pipeline Duplication, extending the Barossa export pipeline to Darwin LNG and freeing the old Bayu-Undan pipeline for carbon storage. It adds about US$311m to Santos' Barossa capex. First gas stays targeted for 1H 2025.
17 Aug 2022dividend declaration▲ GoodMajor
Santos announces US$605m of first-half returns: interim dividend up 38% to US7.6c unfranked (US$255m), and buyback raised from US$250m to US$350m. Synergy target lifts to US$110-125m. It is in advanced talks to sell 5% of PNG LNG, keeping 37.5%.
17 Aug 2022half year report▲ GoodMajor
Santos' half-year report shows net profit of US$1,167m, up 230%, on revenue of US$3,766m, with underlying profit of US$1,267m and free cash flow of US$1,708m. An unfranked interim dividend of 7.6 US cents is payable, with record date 23 August.
17 Aug 2022drilling result▲ GoodMajor
Santos takes final investment decision on Alaska's Pikka Phase 1 (Santos 51%, Repsol rest): US$1.3bn Santos-share capex, 80,000 bbl/d gross, first oil 2026. 2P reserves 397 mmbbl gross; ~19% IRR at US$60 oil. This meets the 1H 2022 FID target.
15 Aug 2022flow test result▲ Good
Partner Tamboran reports Tanumbirini 3H flowing at an eight-day average of 4.4 mmscfd (7.4 normalised per 1,000 m) and 2H at 2.8 mmscfd after tubing was installed, higher than January. This follows the revised flow rates in EP 161, where Santos holds 75%.
11 Aug 2022asset acquisition disposition▲ GoodMajor
Santos buys Hunter Gas Pipeline Pty Ltd, which holds an approved underground route from Wallumbilla, Queensland to Newcastle, to carry Narrabri gas to the domestic market. Construction is expected to start early 2024 subject to approvals. Narrabri appraisal drilling is planned later this year.
21 July 2022quarterly activities report▲ Good
Santos reports Q2 production of 25.5 mmboe, slightly below Q1, with first-half free cash flow a record US$1.7bn and gearing down to 22.5%. Merger synergies of US$95m now exceed the low end of target; Barossa is 40% complete and US$174m of buyback is done.
20 June 2022material agreement● Neutral
Santos signs a non-binding expression of interest with Mayur Resources to jointly develop nature-based carbon offsets protecting 1.4 million hectares of PNG rainforest. Santos gets 180 days exclusivity and lends US$3m, convertible to Mayur shares if no deal. Supports its stated offsets plans.
9 June 2022regulatory community update● Neutral
Partner Bounty Oil & Gas says Western Australia's regulator extended the Cerberus permits (EP 490, 491, TP 27) to May 2026. Bounty expects Santos to drill Yoorn-1, on trend from Cerberus prospects, around Q4 2022. Santos' role is mentioned by a partner, not Santos.
1 June 2022contract award▲ Good
Santos signs new gas supply agreements with Yara Pilbara Fertilisers, supplying over 120 petajoules over five years from 2023 to its Burrup Peninsula ammonia plant. The two will also explore decarbonisation options, including carbon capture and storage. It extends an existing Yara contract.
17 May 2022asset acquisition disposition▲ Good
State Gas says its joint venture with Santos was named preferred tenderer for two new central Queensland gas areas covering 1,035 km2. Santos would hold 65% and operate, State Gas 35%. It is a preferred-tenderer status, not yet a final grant.
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.
3 May 2022agm notice● Neutral
Santos lodges the Chair's and CEO's addresses from the 3 May 2022 AGM. The chair acknowledges integration strain on morale and culture, and the speeches otherwise review known results and plans.
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.
21 Apr 2022quarterly activities report▲ Good
Santos reports record first-quarter production of 26 mmboe, sales revenue of US$1.9bn and free cash flow of US$865m, with gearing down to 26%. Barossa is 33% complete and Moomba CCS 14%. Merger synergies achieved are US$54m a year, against US$90-115m guidance.
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.
