Santos welcomes the announcement today by Queensland Treasurer Cameron Dick to implement a new petroleum royalty model (the Volume Model) that guarantees Queenslanders will receive a fair return for the use of their non-renewable resources now and into the future. Santos and our partners in GLNG and southwest Queensland are continuing to invest nearly $2…
Santos today is pleased to announce it has completed the acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced purchase price of US$1.265 billion plus an increased contingent payment of US$200 million subject to a final investment decision (FID) on Barossa. Due to recent market volatility and the deferral of Barossa FID, Santos…
Santos today announced it has been awarded four new gas exploration permits in the Surat Basin east of Roma in Queensland. Two of the permits are for domestic-only supply and two could supply both domestic and LNG markets. Santos Managing Director and Chief Executive Officer Kevin Gallagher said these blocks offered exciting domestic and…
The release of the Technology Investment Roadmap discussion paper recognises the crucial role that natural gas and carbon capture and storage (CCS) will play in creating jobs as Australia rebounds from COVID-19 and strives for a lower carbon economy. Santos Managing Director and Chief Executive Officer Kevin Gallagher said the discussion paper builds on the…
Santos welcomes the release of the King review and the Morrison Government’s response as a key enabler for the development of an Australian carbon capture and storage (CCS) industry. CCS projects globally store around 40 million tonnes per year of carbon dioxide, far short of the more than two billion tonnes the International Energy…
Managing Director & CEO Mr Kevin Gallagher’s presentation at the 2020 Macquarie Australia Conference held today.
Santos welcomes the new regulation introduced by the New South Wales Government to provide certainty and transparency for public hearing processes of the Independent Planning Commission while social distancing measures are in place to slow the spread of COVID-19. The new regulation will allow the consideration of new projects to continue over the coming months,…
Strong free cash flow and liquidity Strong operational performance delivered US$265 million of free cash flow in the first quarter Targeting 2020 free cash flow breakeven oil price of US$25 per barrel Liquidity of over US$3 billion at the end of the quarter, comprising US$1.15 billion in cash after payment of the 2019 final…
Santos Chairman Mr Keith Spence and Managing Director & CEO Mr Kevin Gallagher addresses to the 2020 Santos Annual General Meeting held today.
Further to the Annual General Meeting (AGM) update on 23 March 2020, Santos today confirmed that as a result of the closure of the Adelaide Oval, the AGM will be held and webcast live to shareholders from Santos’ offices at 100 St Georges Terrace, Perth WA 6000 at 10.00am Adelaide time on Friday 3 April…
Santos GLNG’s $750 million Roma East project has marked a significant milestone, with the natural gas compression facility officially handed over to the operations team. First gas from the Roma East field flowed in February this year and with commissioning now safely completed, the plant is fully operational. The Roma East project involves bringing 480…
Electricity from solar panels is now helping to power Santos’ Port Bonython processing plant in South Australia. The 2.12MW ground-mounted solar photovoltaic system will generate more than three gigawatt hours of emissions-free energy per annum. That represents over six per cent of electricity used at the plant. Port Bonython is on the western shore of…
Santos today announced the successful completion of the Moomba South Patchawarra Formation phase 1 appraisal program in the Cooper Basin. Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos is investing in the Cooper Basin to find more gas for the east coast domestic market. “I am very pleased that the Moomba South…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “Santos’ third quarter results serve to highlight the benefits of a cash generative core asset portfolio and our low-cost, disciplined Operating Model. During the quarter we paid our first dividend in two and a half years and achieved our net debt target of $2 billion…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos has enjoyed a long-established relationship with Quadrant which has operated its WA natural gas assets for many years developing a well-deserved reputation as a safe, high reliability and low cost operator. “This acquisition delivers increased ownership and operatorship of a high quality portfolio of…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “Santos’ strategy has been to establish a low cost operating model that is designed to deliver strong cash flows through the oil price cycle.” “Our second quarter results demonstrate the strength of our diversified portfolio of core assets underpinned by a disciplined operating model and…
Santos today announced that agreement has been reached with our joint venture partners to enter the front-end engineering and design (FEED) phase for the development of the Barossa project to backfill Darwin LNG (DLNG). Santos Managing Director and Chief Executive Officer, Mr Kevin Gallagher, said “The Barossa FEED decision consolidates its position as the leading…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “Santos’ first quarter results highlight the benefits of a diversified portfolio of natural gas assets underpinned by a disciplined operating model focused on cash generation.” “In the first quarter of 2018, we generated $246 million in free cash flow, reduced net debt by 8% to…
Santos advises that on 29 March 2018 it received an unsolicited, non-binding, indicative and conditional proposal (“Harbour Proposal”) from a special purpose entity of Harbour Energy Ltd (“Harbour”) for it to acquire 100 per cent of Santos shares by way of a scheme of arrangement. The indicative offer price is US$4.98 per share, which in…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “In 2017, our turnaround strategy to deliver a low-cost, reliable and high performance business progressed ahead of expectations. Santos is now a stronger, more resilient company with the capacity to execute and bring on-line growth opportunities across its core long-life natural gas assets. “In 2017,…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “The company’s third quarter results continue to highlight the value of our disciplined operating model in delivering a low-cost, reliable and high performance business that can generate significant free cash flow in the current oil price environment.” “Compared to the end of 2016, our net…
Santos today announced non-executive director Greg Martin has retired from the Board for personal reasons. Mr Martin said he had decided now is an appropriate time to re-assess his board responsibilities, which included the Santos Board and his executive responsibilities at Prostar Capital. “It has been a great privilege to serve on the Board of…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company’s second quarter results delivered further progress on reducing costs, lowering net debt and improving the free cash flow position. “Compared to the end of 2016, our net debt position is US$600 million lower to US$2.9 billion and our forecast free cash flow breakeven…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “2016 was a year of significant change for Santos and we can be proud of what was achieved.” “We restructured the business, removed substantial costs and generated free cash flow for the first time in many years. Our production cost per barrel has reduced, and…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos continues to focus on driving down costs and applying available cash flow to reduce debt. “We are taking the right steps to ensure Santos becomes a strong and sustainable business, and that mindset guides our decision making as we continue to reduce costs and…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company’s commitment to lifting productivity and cutting costs was starting to deliver tangible results. “There is a lot of work ahead of us but today’s results show we are heading in the right direction. “The second quarter also saw first LNG from GLNG train…
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company’s first quarter results reflect solid production and a firm commitment to drive costs down and improve efficiencies across the business. “We are focused on developing a business that is self-sustaining in a low oil price environment and well positioned to take full advantage…
Santos Executive Chairman Peter Coates said the company’s fourth quarter results reflect the company’s response to the challenging oil price environment. He said Santos will continue to review its operational and development plans with a focus on preserving cash. “Santos is well placed to withstand an extended period of low oil prices, with $4.8 billion…
All three of Santos GLNG’s major natural gas compression hubs are now operational, marking the end of the first phase of gas field construction. The achievement comes after testing of the third and final hub, near Roma, was completed and handed over to the long-term operations team. Santos Vice President Queensland Trevor Brown said: “The…
Fourth generation Narrabri farmer Jeremy Gett has expressed his support for Santos’ operations on his land. Mr Gett, who has natural gas pilot wells on his family property, says he would never support any activities that jeopardise his family’s future. Mr Gett tells his story in the first of a series of video features that…
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