No-Moat Santos Delivering on Cost Reduction Objectives; No Change in View
We make no material changes to earnings forecasts and our AUD 5.30 per share fair value estimate stands. Third-quarter production was steady at 15.5 million barrels of oil equivalent, or mmboe, marginally below expectations. Ramp-up of Gladstone’s second train drove a 20% increase in group equity LNG production to 5.2 mmboe. However, this was offset by lower crude and domestic gas volumes, due to natural field decline and down-time caused by heavy rain in the Cooper basin, and planned maintenanc...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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