Santos boasts some of the largest and highest-quality coal seam gas reserves in Australia.
Our AUD 5.75 fair value estimate stands for no-moat Santos, with longer-term assumptions intact. The company reported a fourfold increase in underlying 2017 NPAT to AUD 432 million, in line with our expectations. Underlying excludes net AUD 894 million in largely noncash post-tax charges, substantially comprising asset impairments following a change in macroeconomic assumptions that determine carrying value. No final dividend was declared, as expected, but this could change in 2018. We still tar...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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