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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Santos Limited    STO   AU000000STO6

SANTOS LIMITED

(STO)
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Santos : upgrades 2020 guidance

11/30/2020 | 04:41pm EST

Santos today upgraded its 2020 production guidance to 87-89 million barrels of oil equivalent (mmboe) and lowered its production cost guidance to $8.00-8.50/boe.

The upgrade in production guidance, from 83-88 mmboe, is due to strong operating performance across the base business and represents 15-18 per cent production growth for the year and more than 50 per cent growth since 2015.

Santos is also on track to deliver the production cost reductions announced in March in response to the COVID pandemic, which sees 2020 guidance lowered to $8.00-8.50/boe. Capital expenditure is still expected to be approximately $900 million, consistent with the 38% reduction for the year announced in March.

Integration of the ConocoPhillips acquisition completed in May 2020 is proceeding well, with guidance on acquisition synergies upgraded to $90-105 million per annum.

Speaking at the company's Investor Day in Sydney, Santos Managing Director and Chief Executive Officer Kevin Gallagher said the consistent and successful execution of Santos' Transform-Build-Grow strategy has the company positioned for disciplined growth and sustainable shareholder returns.

'Our strategy has been to establish a disciplined low-cost operating model that delivers strong free cash flows through the oil price cycle. Our 2020 forecast free cash flow breakeven oil price is less than US$25 per barrel before hedging and around US$20 per barrel after hedging,' Mr Gallagher said.

'Our base business is strong with production levels expected to remain relatively steady for the next decade and providing significant free cash flow. This cash flow combined with a strong balance sheet and control over the timing of our major projects, means we are well positioned for disciplined growth.'

Santos also announced today another significant step towards a final investment decision on the Barossa project with Darwin LNG approving tolling agreements to transport and process Barossa gas through DLNG.

Santos has today also announced an ambitious roadmap to net-zero emissions by 2040 and new emissions targets designed to support Australia's commitment to the Paris Agreement, including a 26-30 per cent reduction in scope 1 and 2 emissions by 2030, and a commitment to actively work with customers to reduce their emissions.

'Our focus over the last three years on step change technologies such as carbon capture and storage has enabled a pathway that allows us to go further faster when it comes to emissions reduction,' Mr Gallagher said.

Live webcast

A live webcast of the Investor Day will be available on Santos' website at www.santos.com

from 9:00am AEDT today.

Disclaimer

Santos Ltd. published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2020 21:40:03 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 3 423 M - -
Net income 2020 -251 M - -
Net Debt 2020 3 187 M - -
P/E ratio 2020 -42,7x
Yield 2020 1,02%
Capitalization 10 912 M 10 967 M -
EV / Sales 2020 4,12x
EV / Sales 2021 3,41x
Nbr of Employees 2 178
Free-Float 84,8%
Chart SANTOS LIMITED
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Technical analysis trends SANTOS LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 5,68 $
Last Close Price 5,24 $
Spread / Highest target 44,6%
Spread / Average Target 8,35%
Spread / Lowest Target -32,1%
EPS Revisions
Managers and Directors
NameTitle
Kevin Thomas Gallagher Chief Executive Officer, MD & Executive Director
Keith William Spence Non-Executive Chairman
David Banks Chief Operating Officer
Anthony Neilson Chief Financial Officer
Hock Goh Independent Non-Executive Director
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