Santos’ First Quarter In Line With Expectations; Free Cash Flow Reduces Net Debt Again
We retain our AUD 5.30 per share fair value estimate, with first-quarter 2017 production down 2% to 14.8 million barrels of oil equivalent, in line with expectations. Santos maintains all 2017 guidance. The marginal production decline reflects cyclone activity and the sale of the Victorian, Mereenie, and Stag assets, substantially offset by stronger production from the Fairview and Roma gas fields. The Fairview and Roma improvement favourably reduced third-party gas feed to Gladstone LNG by 7%....
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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