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    STO   AU000000STO6

SANTOS LIMITED

(STO)
  Report
Delayed Australian Stock Exchange  -  02:10 2022-09-23 am EDT
7.420 AUD   -4.26%
09/23Australian shares hit over 2-month low after Fed hike; banks drag
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09/21Australian court halts gas drilling after complaint by indigenous group
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09/21Australia court scraps drilling permit for Santos' $3.6 bln Barossa gas project
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Santos confident Australia will not trigger gas export curbs

08/17/2022 | 04:13am EDT

MELBOURNE, Aug 17 (Reuters) - Santos does not expect the Australian government to 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."

A spokesperson for King reiterated the government is continuing to work with gas and LNG producers and states and territories "to encourage new supply, and to find industry-led solutions to secure Australia's ongoing energy needs".

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, Elaine Hardcastle)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CONOCOPHILLIPS -8.60% 100.59 Delayed Quote.39.36%
KOREA GAS CORPORATION -2.17% 36000 End-of-day quote.-7.93%
S&P GSCI NATURAL GAS INDEX -2.79% 327.3715 Real-time Quote.87.45%
SANTOS LIMITED -4.26% 7.42 Delayed Quote.17.59%
SHELL PLC -5.30% 2214.5 Delayed Quote.36.55%
TOTALENERGIES SE -4.92% 46.51 Real-time Quote.4.21%
All news about SANTOS LIMITED
09/23Australian shares hit over 2-month low after Fed hike; banks drag
RE
09/21Australian court halts gas drilling after complaint by indigenous group
AQ
09/21Australia court scraps drilling permit for Santos' $3.6 bln Barossa gas project
RE
09/21Indigenous group wins case against Santos Barossa gas project
RE
09/19Australian shares gain more than 1% on commodity, financial boost
RE
09/18Mining, gold stocks support Australian shares ahead of Fed meet
RE
09/16Australian shares end lower as cenbank flags rate hikes
RE
09/15Australian shares fall on Fed rate hike jitters
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09/15Australian shares end higher on strong energy stocks, job data cheer
RE
09/14Australian shares climb on energy boost, unemployment rate in focus
RE
More news
Analyst Recommendations on SANTOS LIMITED
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Financials (USD)
Sales 2022 8 199 M - -
Net income 2022 2 674 M - -
Net Debt 2022 3 352 M - -
P/E ratio 2022 6,10x
Yield 2022 4,16%
Capitalization 16 175 M 16 175 M -
EV / Sales 2022 2,38x
EV / Sales 2023 2,48x
Nbr of Employees 3 786
Free-Float 91,9%
Chart SANTOS LIMITED
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Technical analysis trends SANTOS LIMITED
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 16
Last Close Price 4,86 $
Average target price 6,62 $
Spread / Average Target 36,4%
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 Technical & Marketing Officer
Yasmin Anita Allen Independent Non-Executive Director
Sector and Competitors
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SANTOS LIMITED17.59%16 175
SAUDI ARABIAN OIL COMPANY10.61%2 104 278
SHELL PLC36.55%174 399
PETROCHINA COMPANY LIMITED-0.86%132 826
TOTALENERGIES SE4.21%114 422
EQUINOR ASA43.37%101 788