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    STO   AU000000STO6

SANTOS LIMITED

(STO)
  Report
Delayed Australian Stock Exchange  -  01:10 2022-10-06 am EDT
7.750 AUD   +1.84%
02:14aAustralian shares close flat as two-day rally fizzles out
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10/05Australian shares fall as recession fears resurface
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10/05Santos : and JBIC sign MOU to promote energy security and decarbonisation
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Santos confident Australia will not trigger gas export curbs

08/17/2022 | 12:27am EDT

MELBOURNE, Aug 17 (Reuters) - Santos expects the Australian government will not curb exports from the country's three east coast liquefied natural gas (LNG) plants, as the owners will find a way to supply enough fuel to the domestic market to avert a forecast shortfall.

On Aug. 1 the competition watchdog urged the government to consider curbing gas exports under the Australian Domestic Gas Security Mechanism (ADGSM) for the first time, warning the country faced a gas supply shortfall in 2023.

Santos Chief Executive Kevin Gallagher said he expected the three east coast LNG exporters - GLNG run by Santos, QCLNG run by Shell Plc and APLNG run by ConocoPhillips - will reach a deal with the government to cover the forecast 56 petajoules shortfall from their uncontracted gas volumes.

Santos' GLNG plant is seen as the most likely of the three east coast LNG plants to face export curbs as GLNG takes some gas from the domestic market to help meet its LNG export sales as the project does not produce enough from its own fields.

"I'm confident GLNG won't be hit," Gallagher told analysts on a call after the company reported a record first-half profit.

Resources Minister Madeleine King is reviewing the gas security mechanism and whether to trigger it to curb exports in the near term.

"I've been really encouraged by the support and the comments that have come from Minister King around this issue," Gallagher said.

"Likewise what I've heard from our new prime minister is very encouraging. They're taking a very measured approach towards understanding this issue."

King's office was not immediately reachable for comment.

Santos' partners in GLNG are Malaysia's Petronas, TotalEnergies and Korea Gas Corp (KOGAS).

Gallagher said that while the threat of gas export curbs may be weighing on Santos' share price, it was also creating uncertainty for LNG investors and customers.

"These are same customers and the same investors we will need for clean fuels in the future," he said.

(Reporting by Sonali Paul; editing by Richard Pullin)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CONOCOPHILLIPS 0.27% 115.93 Delayed Quote.60.61%
KOREA GAS CORPORATION 0.14% 35150 End-of-day quote.-10.10%
S&P GSCI NATURAL GAS INDEX 1.69% 330.0403 Real-time Quote.82.68%
SANTOS LIMITED 1.84% 7.75 Delayed Quote.20.60%
SHELL PLC -3.89% 2290.5 Delayed Quote.46.66%
TOTALENERGIES SE 0.44% 51.96 Real-time Quote.16.22%
All news about SANTOS LIMITED
02:14aAustralian shares close flat as two-day rally fizzles out
RE
10/05Australian shares fall as recession fears resurface
RE
10/05Santos : and JBIC sign MOU to promote energy security and decarbonisation
PU
10/04Australian court to hear Santos Barossa drilling appeal on Nov 15-16
RE
10/04Australian shares post best day in more than 2 years after RBA surprise
RE
10/03Banks drag Australian shares lower, focus on RBA decision
RE
10/02Australian shares reverse early gains on recession fears
RE
09/29Australian shares set for worst month in three on recession risks
RE
09/29UBS Adjusts Santos' Price Target to AU$9.20 From AU$9.40, Keeps at Buy
MT
09/29Santos : President Midstream and Clean Fuels keynote speech – SA Business Index
PU
More news
Analyst Recommendations on SANTOS LIMITED
More recommendations
Financials (USD)
Sales 2022 8 183 M - -
Net income 2022 2 695 M - -
Net Debt 2022 3 179 M - -
P/E ratio 2022 6,17x
Yield 2022 4,07%
Capitalization 16 326 M 16 326 M -
EV / Sales 2022 2,38x
EV / Sales 2023 2,47x
Nbr of Employees 3 786
Free-Float 91,4%
Chart SANTOS LIMITED
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Santos Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends SANTOS LIMITED
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Last Close Price 4,91 $
Average target price 6,45 $
Spread / Average Target 31,3%
EPS Revisions
Managers and Directors
Kevin Thomas Gallagher Chief Executive Officer, MD & Executive Director
Anthea Mckinnell Chief Financial Officer
Keith William Spence Non-Executive Chairman
David Banks Chief Operating Officer
Yasmin Anita Allen Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
SANTOS LIMITED20.60%16 326
SAUDI ARABIAN OIL COMPANY10.46%2 106 181
SHELL PLC46.66%191 870
TOTALENERGIES SE16.22%129 191
PETROCHINA COMPANY LIMITED-7.20%125 419
EQUINOR ASA56.59%112 290