Annuncio • Aug 21
Santos Limited Announces Interim Dividend Payment for Six Months Ended June 30, 2026, Payable on 23 September 2026 Santos Limited resolved to pay an interim dividend of US 11.6 cents per share at its six months ended June 30, 2026, consistent with Santos' capital allocation framework and reflecting its view of the expected full year performance outlook. Ex Date is 24 August 2026. Record Date is 25 August 2026. Payment Date is 23 September 2026. Declared Dividend • Aug 21
First half dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 24th August 2026 Payment date: 23rd September 2026 Dividend yield will be 3.1%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not covered by cash flows (242% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 20
First half 2026 earnings released: EPS: US$0.11 (vs US$0.14 in 1H 2025) First half 2026 results: EPS: US$0.11 (down from US$0.14 in 1H 2025). Revenue: US$2.62b (up 1.6% from 1H 2025). Net income: US$355.0m (down 19% from 1H 2025). Profit margin: 14% (down from 17% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Aug 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 242% Minor Risk Large one-off items impacting financial results. Annuncio • Aug 10
Santos Limited to Report First Half, 2026 Results on Aug 19, 2026 Santos Limited announced that they will report first half, 2026 results on Aug 19, 2026 Annuncio • Jun 18
Santos Limited Appoints Kate Vidgen as Independent Non-Executive Director Effective 17 June 2026 Santos Limited announced that Ms. Kate Vidgen will be appointed as an independent Non-Executive Director effective 17 June 2026. Ms. Vidgen brings extensive experience to Santos as a senior finance executive and non-executive director, with a demonstrated track record across the energy, resources, infrastructure and technology sectors. In addition to 26 years in executive roles at Macquarie Group, Ms. Vidgen has accumulated more than a decade of board-level experience. Notably, Ms. Vidgen served as the Chair of Quadrant Energy Pty Ltd, bringing direct and practical knowledge of the oil and gas operating environment to the Board. Ms. Vidgen currently serves on the board of Bond University, consults as an Operating Partner to Macquarie Asset Management, is an independent Non-Executive Director of Macquarie Technology Group Limited and is the Chair of SkyNRG BV. Ms Vidgen has also served as an independent Non-Executive Director of Aurizon Holdings Ltd, a member of the Clean Energy Regulator and a National Board Member of Chief Executive Women. Ms. Vidgen's appointment follows the retirement of Ms. Yasmin Allen on 21 February 2026. Annuncio • Mar 13
Santos Limited, Annual General Meeting, Apr 16, 2026 Santos Limited, Annual General Meeting, Apr 16, 2026. Location: at meeting hall c, adelaide convention centre, north terrace, adelaide, south australia, 5000., Australia Annuncio • Dec 20
Santos Limited Appoints Lachlan Harris as Chief Financial Officer, Effective 19 December 2025 Santos Limited announced the appointment of Lachlan Harris as Chief Financial Officer, effective 19 December 2025. Mr. Harris has been responsible for overseeing the company's financial stewardship since his appointment as Acting Chief Financial Officer in October. In his 15 years with the business, Mr. Harris has held a range of leadership positions including across treasury, finance systems and risk. Most recently, he held the roles of Deputy Chief Financial Officer and Treasurer and previously acted in the Chief Financial Officer role. Mr. Harris is a Fellow of the Chartered Accountants Australia and New Zealand and holds a Bachelor of Commerce (Accounting & Finance). Annuncio • Sep 17
XRG P.J.S.C, Abu Dhabi Developmental Holding Company PJSC and The Carlyle Group Inc. (NasdaqGS:CG) cancelled the acquisition of Santos Limited (ASX:STO). XRG P.J.S.C, Abu Dhabi Developmental Holding Company PJSC and The Carlyle Group Inc. (NasdaqGS:CG) proposed to acquire Santos Limited (ASX:STO) for AUD 28.8 billion on June 13, 2025. The offer per share value for Santos is AUD 8.89 per share. This acquisition is via a scheme of arrangement. Santos Board confirms that, subject to reaching agreement on acceptable terms of a binding SIA, it intends to unanimously recommend that Santos Shareholders vote in favour of the Potential Transaction, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Potential Transaction is fair and reasonable and in the best interests of Santos Shareholders. As of June 27, 2025, XRG P.J.S.C, Abu Dhabi Developmental Holding Company PJSC and The Carlyle Group Inc. has entered into a process and exclusivity deed to acquire Santos Limited.
The Indicative Proposal is subject to the satisfactory completion of confirmatory due diligence by the XRG Consortium and the negotiation and execution of an agreed scheme implementation agreement (SIA) with Santos on customary terms and conditions. Implementation of the scheme under the SIA would be conditional on (among other things) customary approval from the Foreign Investment Review Board, Australian Securities and Investments Commission, National Offshore Petroleum Titles Administrator, PNG Securities Commission, PNG Independent Consumer and Competition Commission and Committee on Foreign Investment in the United States. As of July 1, 2025, the consortium has been granted exclusive due diligence access for a period of six weeks from June 27, 2025. The exclusivity provisions include customary “no shop”, “no talk”, “no due diligence” and “notification” obligations that apply during the exclusivity period. The transaction also requires approval from regulators in Papua New Guinea and the United States. As on August 11, 2025, The XRG Consortium has now substantially completed due diligence in relation to the Potential Transaction under the Process and Exclusivity Deed dated June 27, 2025. Santos has consented to the Extension until August 22, 2025 to enable the XRG Consortium to finalise due diligence and progress a scheme implementation agreement (SIA). Santos Shareholders do not need to take any action in relation to this announcement. Santos notes that there is no certainty that the XRG Consortium will enter into a binding SIA on terms acceptable to Santos or that the Potential Transaction will proceed. Santos will continue to keep its shareholders informed in accordance with its continuous disclosure obligations. As on August 19, 2025, The XRG Consortium has indicated that these approvals are expected to take four weeks to obtain (assuming an expedited process, potentially longer without) from the time that both due diligence is complete and the terms of an SIA are agreed in principle. As on August 25, 2025, The Consortium has requested an extension of the exclusivity period to conclude due diligence and to allow the Consortium to obtain all necessary approvals to enter into a binding transaction. Santos has agreed to an extension of the Process Deed September 19, 2025.
The Goldman Sachs Group, Inc. (NYSE:GS) and J.B. North & Co Pty Ltd acted as financial advisor and Herbert Smith Freehills Kramer acted as legal advisor to Santos. Rothschild & Co is acting as independent board adviser.
XRG P.J.S.C, Abu Dhabi Developmental Holding Company PJSC and The Carlyle Group Inc. (NasdaqGS:CG) cancelled the acquisition of Santos Limited (ASX:STO) on September 17, 2025. Declared Dividend • Aug 27
First half dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 2nd September 2025 Payment date: 1st October 2025 Dividend yield will be 3.6%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 26
First half 2025 earnings released: EPS: US$0.14 (vs US$0.20 in 1H 2024) First half 2025 results: EPS: US$0.14 (down from US$0.20 in 1H 2024). Revenue: US$2.58b (down 4.9% from 1H 2024). Net income: US$439.0m (down 31% from 1H 2024). Profit margin: 17% (down from 24% in 1H 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annuncio • Aug 25
Santos Limited Announces Ordinary Fully Paid Dividend for A Period of Six Months Ended June 30, 2025, Payable on October 1, 2025 Santos Limited announced ordinary fully paid dividend of USD 0.1340 per security for a period of six months ended June 30, 2025. Record Date: September 3, 2025, Ex Date: September 2, 2025 and Payment Date: October 1, 2025. Annuncio • Jun 16
XRG P.J.S.C, Abu Dhabi Developmental Holding Company PJSC and The Carlyle Group Inc. (NasdaqGS:CG) proposed to acquire Santos Limited (ASX:STO) for AUD 28.8 billion. XRG P.J.S.C, Abu Dhabi Developmental Holding Company PJSC and The Carlyle Group Inc. (NasdaqGS:CG) proposed to acquire Santos Limited (ASX:STO) for AUD 28.8 billion on June 13, 2025. The offer per share value for Santos is AUD 8.89 per share. This acquisition is via a scheme of arrangement. Santos Board confirms that, subject to reaching agreement on acceptable terms of a binding SIA, it intends to unanimously recommend that Santos Shareholders vote in favour of the Potential Transaction, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Potential Transaction is fair and reasonable and in the best interests of Santos Shareholders.
The Indicative Proposal is subject to the satisfactory completion of confirmatory due diligence by the XRG Consortium and the negotiation and execution of an agreed scheme implementation agreement (SIA) with Santos on customary terms and conditions. Implementation of the scheme under the SIA would be conditional on (among other things) customary approval from the Foreign Investment Review Board, Australian Securities and Investments Commission, National Offshore Petroleum Titles Administrator, PNG Securities Commission, PNG Independent Consumer and Competition Commission and Committee on Foreign Investment in the United States. The Goldman Sachs Group, Inc. (NYSE:GS) and J.B. North & Co Pty Ltd acted as financial advisor and Herbert Smith Freehills Kramer acted as legal advisor to Santos. Rothschild & Co is acting as independent board adviser. Annuncio • Mar 07
Santos Limited, Annual General Meeting, Apr 10, 2025 Santos Limited, Annual General Meeting, Apr 10, 2025. Location: at the theatre room, adelaide entertainment centre, 98 port road, hindmarsh 5007, Australia Annuncio • Nov 04
Kumul Petroleum Holdings Limited acquired 2.6% stake in PNG LNG Inc. from Santos Limited (ASX:STO) for approximately $600 million. Kumul Petroleum Holdings Limited entered into an agreement to acquire a 2.6% stake in PNG LNG Inc. from Santos Limited (ASX:STO) for approximately $590 million on September 1, 2023. The transaction is subject to n the approval of the PNG competition regulator. The transaction is expected to closed on or before December 31, 2023.
As on December 29, 2023, Santos is pleased to confirm that further to the announcement on August 31, 2023 for the sale of 2.6% of PNG LNG to Kumul Petroleum Holdings Limited (Kumul), funding for the transaction has been secured by Kumul. Kumul has paid approximately $250 million into escrow with Santos as part payment of the purchase price. Additionally, Kumul has executed binding funding arrangements for the remainder of the consideration, which will be available for drawdown by January 31, 2024. Approval by the PNG independent Consumer and Competition Commission (ICCC) for the transaction has been received, satisfying the only condition precedent to the transaction. The commercial terms of the transaction remain unchanged. As on February 1, 2024, Santos and Kumul have agreed an amendment to the Sale Agreement where Kumul has taken an effective interest in the Santos entity that holds the 2.6% sale interest. Kumul has paid $352 million to Santos (equivalent to a 1.6%) on January 31, 2024 to allow partial completion of the transaction. The amendment provides additional time for Kumul to pay the remaining purchase price of $241 million. Until final completion, Santos retains control of the entity holding the 2.6% and in order to assist with purchase of the remaining interest, future project distributions associated with the interest sold to Kumul will be applied to acquiring the remaining interest.
Kumul Petroleum Holdings Limited completed the acquisition of 2.6% stake in PNG LNG Inc. from Santos Limited (ASX:STO) for approximately $600 million on November 4, 2024. Annuncio • Sep 07
Santos Limited Announces Chief Financial Officer Changes Santos announced the retirement of Ms. Anthea McKinnell as Chief Financial Officer and the appointment of Ms. Sherry Duhe to the role. Ms. Duhe joins Santos as a highly skilled and experienced finance executive in the energy sector. During her 28-year career, primarily in the oil and gas industry, Ms. Duhe has held senior finance, commercial, and merger and acquisition roles in Australia, the United States, Europe and the Middle East. Ms. Duhe was most recently interim Chief Executive Officer at Newcrest Limited where she worked closely with Management and the Board to successfully negotiate and complete the sale of the company to Newmont. Ms. Duhe served as Chief Financial Officer at Woodside Energy for four years until early 2022, prior to which she had a 13-year career with Shell, holding varied international finance roles of increasing scope and accountability. She commenced her career with Exxon Mobil. Ms. Duhe holds a Bachelor of Science in Accounting from Louisiana State University and an International Master of Business Administration from the University of South Carolina. She is also a Certified Public Accountant. Annuncio • Sep 04
Timor GAP, E.P. agreed to acquire 16% stake in Bayu-Undan upstream project from Santos Limited (ASX:STO), Tokyo Timor Sea Resources Pty Ltd, Eni S.p.A. (BIT:ENI), Inpex Corporation (TSE:1605) and SK E&S Co., Ltd. Timor GAP, E.P. signed a sale and purchase deed to acquire 16% stake in Bayu-Undan upstream project from Santos Limited (ASX:STO), Tokyo Timor Sea Resources Pty Ltd, Eni S.p.A. (BIT:ENI), Inpex Corporation (TSE:1605) and SK E&S Co., Ltd. on September 2, 2024. Execution of the SPD to effect this transaction is planned to occur in mid-September. Declared Dividend • Aug 23
First half dividend of US$0.13 announced Shareholders will receive a dividend of US$0.13. Ex-date: 26th August 2024 Payment date: 25th September 2024 Dividend yield will be 5.4%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not covered by cash flows (141% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Aug 23
Santos Limited Announces Estimated Ordinary Dividend for the Six Months Ended June 30, 2024, Payable on September 25, 2024 Santos Limited announced estimated ordinary dividend of USD 0.13000000 per share for the six months ended June 30, 2024. The dividend is payable on September 25, 2024 with record date of August 27, 2024 and ex-date of August 26, 2024. Reported Earnings • Aug 22
First half 2024 earnings released: EPS: US$0.20 (vs US$0.24 in 1H 2023) First half 2024 results: EPS: US$0.20 (down from US$0.24 in 1H 2023). Revenue: US$2.71b (down 8.6% from 1H 2023). Net income: US$636.0m (down 20% from 1H 2023). Profit margin: 24% (down from 27% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annuncio • May 09
Santos, Repsol Reportedly Explore Sale of Stakes in Alaska Oilfields Oil and gas producers Santos Limited (ASX:STO) and Repsol, S.A. (BME:REP) are exploring a sale of a minority stake in oilfields in Alaska they jointly own and develop in a deal that could be worth about $1 billion, according to people familiar with the matter. The oilfields include the Pikka project, which is one of the largest oil prospects in Alaska and has been valued at about $4.5 billion by consultancy firm Rystad Energy. The companies are working with an investment bank to jointly sell minority stakes in Pikka, alongside partial interests in the Horseshoe and Quokka fields that are located in the North Slope region of Alaska, the sources said, requesting anonymity as the discussions are confidential. Repsol and Santos declined to comment. The stakes are so-called non-operating positions, meaning the owner gets a share of the proceeds from the sale of hydrocarbons without needing to undertake any drilling or be involved in operations. They are required to contribute to their share of costs. Potential buyer interest will likely be impacted by factors including legal and environmental risks, the sources said, cautioning a deal is not guaranteed. Annuncio • Mar 01
Santos Limited Announces Actual Ordinary Fully Paid Dividend for the Six Months Ended December 31, 2023, Payable on March 27, 2024 Santos Limited announced actual ordinary fully paid dividend of USD 0.17500000 per share for the six months ended December 31, 2023. The dividend is payable on March 27, 2024 with record date of February 27, 2024 and ex-date of February 26, 2024. Declared Dividend • Feb 23
Final dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 26th February 2024 Payment date: 27th March 2024 Dividend yield will be 4.2%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not adequately covered by cash flows (95% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: US$0.43 (vs US$0.63 in FY 2022) Full year 2023 results: EPS: US$0.43 (down from US$0.63 in FY 2022). Revenue: US$5.89b (down 24% from FY 2022). Net income: US$1.42b (down 33% from FY 2022). Profit margin: 24% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 07
Woodside Energy Says Merger Talks with Santos Collapsed Australia's Woodside Energy Group Ltd. (ASX:WDS), opens new tab and Santos Limited (ASX:STO) said they had ended talks to create a possible AUD 80 billion ($52 billion) global oil and gas giant. Woodside, which is more than twice as large as Santos in terms of market value and revenue, said it would only pursue a deal that would add value for its shareholders. The talks fell apart as the two companies could not agree on a valuation level, according to two sources with direct knowledge of the matter who could not be named discussing confidential information. A firm bid did not emerge from Woodside following the almost two months of due diligence and negotiations that the parties undertook, one of the sources said. Woodside declined to comment on those points and Santos did not immediately respond to a request for comment. Santos said in a statement after "an initial exchange of information, sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders". "We have a strong balance sheet and continue to review options to unlock value for shareholders," it said. If the merger had taken place, it would have created a major global liquefied natural gas (LNG) producer that could attract more offshore investors as gas is seen as a key bridging fuel in the shift to cleaner energy. "While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation," Woodside CEO Meg O’Neill said in a statement. Woodside had faced pressure from some investors not to pay a premium for Santos in what would have been one of the largest corporate takeovers in Australian history. "Woodside's decision to walk away is a relief," said Simon Mawhinney, chief investment officer at Allan Gray which holds A$700 million worth of Woodside stock. The fund last week wrote to management warning against pursuing a deal. "We had hoped this would be the outcome," Mawhinney said. "It was unclear to us where there was much merit in a tie up. It further cements our view about Woodside's capital discipline". Annuncio • Jan 25
Santos Limited, Annual General Meeting, Apr 11, 2024 Santos Limited, Annual General Meeting, Apr 11, 2024. Annuncio • Jan 09
Santos Limited Announces Company Secretary Changes Santos Limited announced the appointment of Amelia Senneck as Company Secretary effective 9 January 2024. The appointment coincides with Amanda Devonish's resignation as Company Secretary. Annuncio • Dec 07
Woodside Energy Response to Media Speculation In response to recent media speculation, Woodside Energy Group Ltd. (ASX:WDS) confirmed it is in discussions regarding a potential merger with Santos Limited (ASX:STO). Discussions remain confidential and incomplete, and there is no certainty that the discussions will lead to a transaction. As a global energy company, Woodside continuously assesses a range of opportunities to create and deliver value for shareholders. Woodside will continue to update the market in accordance with its continuous disclosure obligations. Buying Opportunity • Nov 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be AU$9.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.0% per annum. Earnings is also forecast to grow by 3.7% per annum over the same time period. Recent Insider Transactions • Sep 10
MD, CEO & Director recently sold AU$4.7m worth of stock On the 8th of September, Kevin Gallagher sold around 599k shares on-market at roughly AU$7.78 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Kevin has been a net seller over the last 12 months, reducing personal holdings by AU$6.7m. Annuncio • Sep 01
Santos Limited Announces Dividend for the Six Months Ended June 30, 2023 Payable on September 28, 2023 Santos Limited announced actual ordinary fully paid dividend of USD 0.08700000 per share for the six months ended June 30, 2023. The dividend is payable on September 28, 2023 with record date of August 29, 2023 and ex-date of August 28, 2023. Annuncio • Aug 25
CPC Reportedly Set for Dorado Stake CPC Corporation, Taiwan is being tipped as the most likely buyer of an additional stake in the Dorado oil and gas project off the coast of Western Australia. Owner Santos Limited (ASX:STO) is understood to have had four or five parties in a data room, in a process run by investment bank Goldman Sachs. Among them are believed to be Kufpec (Kuwait Foreign Petroleum Exploration Company K.S.C.) and at least one Japanese suitor, with Mitsui & Co., Ltd. (TSE:8031) and Mitsubishi Corporation (TSE:8058) likely candidates. Other likely parties are Tokyo Gas Co.,Ltd. (TSE:9531), Osaka Gas Co., Ltd. (TSE:9532) and Jadestone Energy plc (AIM:JSE). But the latest chatter in the market is that Santos is pinning its hopes on CPC investing further. CPC recently finalised a deal with Carnarvon, the other owner of the project, to buy a 10% interest in Dorado and its Pavo project for an all-up payment of $146 million. Santos has an 80% interest in Dorado and the thinking in the market is that it remains keen to reduce that exposure to about 60%. Azure Capital-advised Carnarvon Energy was the only other holder before CPC bought in. Dorado, once owned by Woodside Petroleum and later Quadrant Energy before it was purchased by Santos, is an integrated oil and gas project that will be developed in two phases. It is located in the Bedout sub-basin, about 140km off the coast of WA's Port Hedland. Reported Earnings • Aug 24
First half 2023 earnings released: EPS: US$0.24 (vs US$0.35 in 1H 2022) First half 2023 results: EPS: US$0.24 (down from US$0.35 in 1H 2022). Revenue: US$2.97b (down 21% from 1H 2022). Net income: US$790.0m (down 32% from 1H 2022). Profit margin: 27% (down from 31% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Annuncio • Aug 23
Santos Limited Announces Estimated Ordinary Dividend for the Six Months Ended June 30, 2023, Payable on September 28, 2023 Santos Limited announced estimated ordinary fully paid dividend of USD 0.08700000 per share for the six months ended June 30, 2023. The dividend is payable on September 28, 2023 with record date of August 29, 2023 and ex-date of August 28, 2023. Annuncio • Jul 25
Santos Reportedly Shortlists Bidders for Dorado Project Santos Limited (ASX:STO) Santos is believed to have shortlisted bidders for round two in the contest for a stake in its Dorado project in Western Australia. It is understood that a stake of about 25%, expected to be worth about $500 million, is on offer through investment bank Goldman Sachs. Among those in the race is Kuwait Foreign Petroleum Exploration Company K.S.C. (Kufpec), and the sale process has drawn interest from Southeast Asia. Santos owns 80% of the project, with Azure Capital-advised Carnarvon Energy the remaining holder. Carnarvon sold a 10% stake to Taiwan's CPC for $146 million in February. Sources have suggested that Taiwan's CPC might increase its interest, and Indian companies could consider an acquisition. Dorado is an integrated oil and gas project that will be developed in two phases. The Dorado and Pavo fields are estimated to contain gross 2C recoverable contingent resources of 189 million barrels of liquids and 401 petajoules of gas. Annuncio • Jul 12
Santos Limited Announces Resignation of Jodie Hatherly as Company Secretary, Effective 31 July 2023 Santos Limited announced that Jodie Hatherly has resigned as a company secretary, effective 31 July 2023. Amanda Devonish remains as company secretary. Annuncio • Feb 09
Santos Limited Announces John Brookes Resumes Production Santos announced that gas production has resumed from the John Brookes platform, offshore Western Australia, and is expected to ramp-up to full rates in the coming days. Production was suspended in late-November to allow for repairs following the identification of a small leak on the main gas trunkline connecting John Brookes to the Varanus Island gas processing facilities. Recent Insider Transactions • Sep 20
Independent Non-Executive Director recently bought AU$78k worth of stock On the 13th of September, Janine McArdle bought around 10k shares on-market at roughly AU$7.76 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$2.5m more in shares than they bought in the last 12 months. Reported Earnings • Aug 19
First half 2022 earnings released: EPS: US$0.35 (vs US$0.17 in 1H 2021) First half 2022 results: EPS: US$0.35 (up from US$0.17 in 1H 2021). Revenue: US$3.77b (up 85% from 1H 2021). Net income: US$1.17b (up 230% from 1H 2021). Profit margin: 31% (up from 17% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 22%, compared to a 76% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be AU$10.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Recent Insider Transactions • May 29
Independent Non-Executive Director recently bought AU$83k worth of stock On the 26th of May, Janine McArdle bought around 10k shares on-market at roughly AU$8.31 per share. In the last 3 months, they made an even bigger purchase worth AU$101k. Despite this recent purchase, insiders have collectively sold AU$2.6m more in shares than they bought in the last 12 months. Recent Insider Transactions • May 26
Independent Non-Executive Director recently bought AU$101k worth of stock On the 18th of May, Janine McArdle bought around 12k shares on-market at roughly AU$8.38 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$2.7m more in shares than they bought in the last 12 months. Annuncio • Apr 20
Santos Limited (ASX:STO) announces an Equity Buyback for $250 million worth of its shares. Santos Limited (ASX:STO) announces a share repurchase program. Under the program, the company will repurchase up to $250 million worth of its shares. The program will expire on December 30, 2022. As of April 20, 2022, the company has 3,386,921,635 shares in issue. Recent Insider Transactions • Mar 01
MD, CEO & Director recently sold AU$2.9m worth of stock On the 23rd of February, Kevin Gallagher sold around 400k shares on-market at roughly AU$7.14 per share. This was the largest sale by an insider in the last 3 months. This was Kevin's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 19
Independent Non-Executive Director recently bought AU$100k worth of stock On the 17th of February, Eileen Doyle bought around 14k shares on-market at roughly AU$7.25 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.31 (up from US$0.17 loss in FY 2020). Revenue: US$4.71b (up 39% from FY 2020). Net income: US$658.0m (up US$1.02b from FY 2020). Profit margin: 14% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 51%, compared to a 48% growth forecast for the oil industry in Australia. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 19
First half 2021 earnings released: EPS US$0.17 (vs US$0.14 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$2.04b (up 22% from 1H 2020). Net income: US$354.0m (up US$643.0m from 1H 2020). Profit margin: 17% (up from net loss in 1H 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Annuncio • May 01
SK E&S Co., Ltd. completed the acquisition of 25% stake in Darwin LNG and BayuUndan from Santos Limited (ASX:STO). SK E&S Co., Ltd. signed a Letter of Intent to acquire 25% stake in Darwin LNG and BayuUndan from Santos Limited (ASX:STO) on October 14, 2019. SK E&S Co., Ltd. agreed to acquire 25% stake in Darwin LNG and BayuUndan from Santos Limited (ASX:STO) for $390 million on March 12, 2020. In a related transaction Santos Limited (ASX:STO) entered into an agreement to acquire interests in Australia-West assets from ConocoPhillips (NYSE:COP) for $1.5 billion on October 13, 2019. Transaction is conditional on completion by Santos of the acquisition of ConocoPhillips' northern Australia and Timor-Leste portfolio, third-party consents, regulatory approvals and a final investment decision on Barossa. As per announcement of January 5, 2021, the sell-down will complete once the final investment decision on Barossa is taken in the first half of 2021. The transaction was approved by regulator before December 25, 2020.
Credit Suisse (Australia) Limited and J.B. North & Co Pty Ltd acted as financial advisors and Allens acted as legal advisor for Santos. JPMorgan Chase & Co. acted as financial advisor to SK E&S Co., Ltd. EY acted as financial advisor and due diligence provider to SK E&S Co., Ltd.
SK E&S Co., Ltd. completed the acquisition of 25% stake in Darwin LNG and BayuUndan from Santos Limited (ASX:STO) on April 30, 2021. Annuncio • Mar 27
Santos Restarts Production from the Ningaloo Vision Floating Production Storage and Offloading Vessel Following Scheduled Maintenance in Singapore Santos announced it has restarted production from the Ningaloo Vision Floating Production Storage and Offloading vessel following scheduled maintenance in Singapore. The Ningaloo Vision, which ties in the Van Gogh, Coniston and Novara oil fields offshore Western Australia, has now commenced ramping-up its production again and is expected to achieve 10,000 barrels per day in the coming weeks. Production from Van Gogh (WA-35-L) began in 2010, with the nearby Coniston and Novara oil fields tied back to the Ningaloo Vision in 2015 and 2016 respectively. Executive Departure • Mar 10
Non-Executive Director has left the company On the 10th of March, Yujiang Shi's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Yujiang's name. A total of 3 executives have left over the last 12 months. Annuncio • Mar 10
An unknown buyer acquired a 5.15% stake in Santos Limited (ASX:STO) from ENN Group International Investment Limited for approximately AUD 790 million. An unknown buyer acquired a 5.15% stake in Santos Limited (ASX:STO) from ENN Group International Investment Limited for approximately AUD 790 million on March 8, 2021. Santos Limited sold approximately 107.1 million shares at $7.33 per share. Pursuant to the transaction, ENN Group remain Santos’ largest individual shareholder with a 9.97 per cent stake. Following completion of the sale Eugene Shi will resign from the Santos Board.
An unknown buyer completed the acquisition of a 5.15% stake in Santos Limited (ASX:STO) from ENN Group International Investment Limited on March 8, 2021. Annuncio • Mar 09
Santos Limited Announces Resignation of Mr. Eugene Shi from Board Santos has been advised by ENN Group that it has sold approximately 107.1 million shares representing a 5.14% interest in Santos at $7.33 per share. As a result of the reduced shareholding, the 2017 strategic relationship agreement with ENN regarding board representation and other matters is no longer effective. Accordingly, the ENN-nominated director Mr. Eugene Shi will resign from the Santos Board following completion of the sale. Is New 90 Day High Low • Mar 06
New 90-day high: AU$7.74 The company is up 22% from its price of AU$6.36 on 04 December 2020. The Australian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$15.48 per share. Recent Insider Transactions • Feb 24
MD, CEO & Director recently sold AU$2.4m worth of stock On the 19th of February, Kevin Gallagher sold around 340k shares on-market at roughly AU$6.93 per share. This was the largest sale by an insider in the last 3 months. Kevin has been a seller over the last 12 months, reducing personal holdings by AU$4.6m. Reported Earnings • Feb 19
Full year 2020 earnings released: US$0.17 loss per share (vs US$0.32 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$3.39b (down 16% from FY 2019). Net loss: US$357.0m (down 153% from profit in FY 2019). Oil reserves and sales price Proven reserves: 38 MMbbls Average sales price/bbl (hedged): US$47.70 Gas reserves Proven reserves: 2650 Bcf Combined production and costs Oil equivalent production: 50.2 MMboe Average production cost/Boe: US$8.04 (US$7.24/Boe in FY 2019) Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue misses expectations Revenue missed analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 23%, compared to a 38% growth forecast for the Oil and Gas industry in Australia. Annuncio • Feb 11
Santos Limited, Annual General Meeting, Apr 15, 2021 Santos Limited, Annual General Meeting, Apr 15, 2021. Agenda: To consider to propose an amendment to the constitution to require publication of an annual climate report and an annual shareholder vote on adoption of the climate report. 
