Santos Production Miss But Strong Free Cash Flow on Pricing Impresses. No Change to AUD 8.15 FVE.
We make no change to our AUD 8.15 per share fair value estimate for no-moat Santos. The company reported lower than anticipated second-quarter production, steady at 18.6 million barrels of oil equivalent, or mmboe. However, there are no longer-term consequences in the numbers and our base-case forecasts are intact. Lower than expected production reflected planned maintenance in the Cooper Basin and PNG LNG, impacting further than we’d allowed for. However, Santos’ LNG price achievement of USD 9....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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