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Santos corporate report

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25 May 2018

Santos corporate report

Report summary

Santos’ unique portfolio has attracted a lot of interest over the last twelve months. The company’s exposure to three LNG assets across Australia and PNG made it a target for private equity backed Harbour Energy. We consider Santos' strategic options following the rejection of Harbour's takeover proposal.

Table of contents

  • Other Santos research
  • Executive summary
    • Overview
    • Strategic position
      • Key Assets Valuation (NPV,10)
      • GLNG
      • PNG LNG
      • Risks to the net debt outlook / liquidity position
      • Pre-FID growth options
      • Barossa Area map
      • LNG Trading Joint Venture
      • Exploration
      • M&A
    • Key assets
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
    • Wood Mackenzie Corporate Service: our response to low oil prices

Tables and charts

This report includes 39 images and tables including:

  • SWOT analysis
  • Benchmark: share price performance
  • Benchmark: evolution of WM market premium/discount
  • Portfolio summary: Image 1
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs. Upstream NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported and unit development costs
  • New project returns
  • Reported and WM forecast production
  • Liquids vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Economic assumptions: Table 1
  • Base price assumptions (nominal terms)
  • Economic assumptions: Image 2
  • Base, high and low Brent (nominal terms)
  • Economic assumptions: Image 4
  • Economic assumptions: Table 2
  • Economic assumptions: Table 3
  • Economic assumptions: Table 4
  • Economic assumptions: Table 5
  • Strategy: Image 3
  • Santos reported and forecast production
  • Benchmarking: production CAGR
  • Forecast capex by asset
  • Benchmarking: reserve life
  • Cash flow breakevens evolution
  • Net debt outlook
  • Production from LNG related assets
  • Cash flow from LNG related assets
  • Strategy: Image 12

What's included

This report contains:

  • Document

    Santos corporate report

    PDF 1.44 MB

  • Document

    Santos corporate report

    ZIP 2.01 MB

  • Document

    Santos Corporate Report.xls

    XLS 2.93 MB

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