Weak First-Half 2016 Close to Expectations; AUD 5.30 Fair Value Estimate Unchanged
We make no change to our AUD 5.30 per share fair value estimate but halve our 2016 earnings forecast to AUD 0.02 per share, from so low a base as to be nonmeaningful. The first-half 2016 underlying net loss after tax of USD 7 million worsens on last year's USD 25 million after-tax profit and falls marginally short of our forecast profit of USD 10 million. Company guidance for 2016 production is unchanged at 57 million-63 million barrels of oil equivalent. As expected, Santos paid no interim divi...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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