Prices Support Earnings Despite Lower-Than-Anticipated 4Q Production, No FVE Change
Steady fourth-quarter production of 15 million barrels of oil equivalent, or mmboe, was below our expectations following slower ramp-up of indigenous Gladstone LNG feed, as development spending was trimmed to maximise cash flows. Group annual capital expenditure of USD 625 million fell 51%, well below guidance. Higher-than-anticipated fourth-quarter price achievement up 17% to AUD 49.40 per mmboe, more than offsets volume shortfall. Our headline 2016 EPS forecast is little changed at AUD 0.02, d...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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