Lower Pricing Trims Near-Term Earnings Expectations for Santos but Longer-Term Growth Stands.
We make no change to our AUD 7.85 fair value estimate for no-moat Santos, despite declines to near-term earnings estimates. The lack of fair value change since our October 2018 note reflects time value of money benefit, offset by a weaker near-term energy price outlook and a softened 2019 production estimate. Longer-term assumptions stand, including production growth to over 100 million barrels of oil equivalent, or mmboe, by 2025 and a midcycle Brent price of USD 60 per barrel. At AUD 5.95, San...Santos is a natural gas company engaged in the exploration for, and development, production, transportation and marketing of, hydrocarbons. Co.'s operating segments consist of five key assets/operating areas of: Cooper Basin; Gladstone LNG; Papua New Guinea; Northern Australia; and Western Australia gas; based on the nature and geographical location of the assets, plus Other non-core assets. Co.'s proved petroleum reserves were 485.0 million barrels of oil equivalent at Dec 31 2016.
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