Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
8 Mar 2022agm notice● Neutral
Shareholders withdrew the second requisitioned 2022 AGM resolution, a constitution amendment duplicating the first requisition announced 10 February. The Notice of Meeting will list all remaining resolutions with board recommendations.
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.
11 Feb 2022agm notice● Neutral
A second requisition, from holders of under 0.01% of shares, seeks 2022 AGM resolutions on advisory votes, ending advocacy contradicting the IEA and IPCC, and disclosing infrastructure that may be decommissioned. Santos rejects the constitution change and defends new supply investment.
10 Feb 2022agm notice● Neutral
Santos received a requisition from shareholders holding under 0.06% of shares for 2022 AGM resolutions. They seek a constitution change allowing advisory votes and an annual Paris-alignment report. The board opposes the constitution change; the notice of meeting is due in March.
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.
20 Jan 2022quarterly activities report▲ Good
Santos reports record 2021 production of 92.1 mmboe, revenue of US$4.7bn and free cash flow of about US$1.5bn, above the earlier ~US$1.3bn expectation. Q4 revenue was a record US$1.5bn. Barossa is 20% complete, with Dorado and Pikka FIDs targeted for 2022.
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-).
13 Dec 2021admin correction● Neutral
Santos moved its share registry from BoardRoom to Computershare from 13 December 2021. Holdings and details carry across. Administrative notice only.
13 Dec 2021other● Neutral
Santos listed on the PNG stock exchange (PNGX) on 13 December following the Oil Search merger, trading initially as STODA on deferred settlement. Normal trading under STO is expected from 20 December. Santos has been in PNG since 1987.
13 Dec 2021director officer appointment● NeutralMajor
Anthea McKinnell, Santos's deputy CFO since 2019, becomes CFO from 1 January 2022, replacing Anthony Neilson (CFO since December 2016). Neilson becomes Chief Commercial Officer, overseeing the Oil Search transition.
