Solid 3Q from Santos Adds Credibility to Production Growth Targets. FVE Unchanged.
Our AUD 7.85 per share fair value estimate for Santos is unchanged and our 2018 EPS forecast of AUD 0.43 similarly stands. We only recently increased our fair value estimate by 12% to AUD 7.85 per share after the company laid out the path by which it intends to grow group production by 40 million barrels of oil equivalent, or mmboe, or about 65% to over 100 mmboe by 2025.Third-quarter production increased 6% to 15 mmboe in line with our expectations. Very strong output from PNG LNG offset a sof...
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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