Santos (ASX:STO,PNGX:STO) - Full Year Results 2021
Friday, February 18, 2022
Santos (ASX:STO,PNGX:STO)-Full Year Results 2021
- STO posted a net profit of US658m in the full financial year 2021, up 284% from the corresponding period mainly due to impairments included in the previous year
- Free cash flow up 103% to US1.5bn recording an underlying profit of US946m , reflective of higher oil and LNG prices, recovery in Global energy, demand and supply constraints combined with Oil search assets
- EBITDAX up 48% to US2,805m
- Pro-forma free cash flow expected to be US2.3bn for the merged group
- Sales Revenue was up by 39% to US4,713m across all products
- Higher production in 2021 with 92.1 mmboe compared to 89.0 mmboe in the prior year
- Lower unit production cost in 2021 despite COVID-19, US7.76/boe
- 2022 production expected to increase, 100-110mmboe, sales to 110-120 mmboe at the back of the Oil search merger
- Sustaining and restoration Capex to be approx. US900m in 2022 compared to 834 in 2021
- Total Assets grew to US30.009bn compared to prior year at US17.656bn, at the back of the merger
- Increased in Net debt to US5.157bn due to Oil Search merger combine with lease liabilities. Gearing reduced to 27.5%
- Liquidity of US5,611m as at 31 December 21, up 75%, comprised of cash and undrawn bilateral bank debt facilities
- Increased equity in Tier 1 PNG LNG project and added operatorship of PNG’s oil fields.
- 2021 interim dividend of US5.5cents and final dividend of US8.5 cents per share. Total dividend declared of US14 cents per share franked to 70% up 97% compared to prior year.
- The dividend payment dates as follow;
- Ex-date: 21-Feb-2022
- Record date: 22-Feb-2022
- Payment Date: 24-March-2022
- 2022 Annual General Meeting scheduled for 3rd May 2022
- Earnings per share of US30.8 cents for the period, up 280% compared to corresponding year
Refer Link below for the full report.