600803:新奧股份:Santos2017年半年度報告公告(原文)
ASX/ Media Release
24August2017
Santos2017Half-yearresults
Underlying profit increased to US$156 million. Net loss of US$506 million, including
previouslyannouncedUS$689millionafter-taxnetimpairment
StrongdeliveryoftheSantosturnaround.Costsreduced,salesvolumeguidanceupgraded,
strongercashflows,freecashflowbreakevenreducedtoUS$33 perbarrelandnetdebt
reducedtoUS$2.9billion
ManagingDirectorandChiefExecutiveOfficerKevinGallaghersaidthecompany’shalf-yearresults
deliveredstrongprogressontheSantosturnaroundstrategy.
“Wehaveremovedsubstantialcosts,generatedsignificantfreecashflowandreducednetdebt.
“Our forecast free cash flow breakeven for 2017 sits at US$33 per barrel and we generated
US$302millioninfreecashflowinthefirsthalf.(1)Thisispleasingprogresstowardsourgoalof
transformingSantosintoalow-cost,reliableandhighperformancebusinesswithastrongportfolio
thatcangeneratesignificantfreecashflowinalowoilpriceenvironment,”MrGallaghersaid.
Excluding the previouslyannounced netimpairment and other significant items,the company
recordedanunderlyingprofitofUS$156million,asubstantialimprovementontheunderlyingloss
ofUS$5millioninthecorrespondingperiod.
“Our focus on moreefficient, lower costoperations has delivered significantimprovements in
earningsandcashflow.Santos’coreassetportfoliooffivelong-lifenaturalgasassetsnowprovides
stablebaseproductionforthenextdecade,”MrGallaghersaid.
“MaterialreductionsindrillingcostsintheCooperBasinandGLNGareunlockingmoregassupply.
Inthecomingmonths,Santosexpectstoannouncefurtherdomesticsupplycontractstosupportthe
FederalGovernment’seffortstodeliveraffordableandreliableenergytohouseholdsandindustry.
“2017salesvolumeguidanceisupgradedto77to82millionbarrelsofoilequivalent, following
strongvolumesfromthecoreassetsinthefirsthalfandhigherforecastdomesticsalesvolumes.
“Wearealsofocusedonfuturegrowth,withexplorationandappraisalactivitygrowingaspartof
ourdisciplinedoperatingmodelanddeliveringsuccessfuloutcomesintheCooperBasin,aswellas
MurukinPNGandBarossaoffshoreNorthernAustralia.
“Santosisnowpositionedtodeliverfuturesuccessandprovidesustainableshareholdervalue.”Mr
Gallaghersaid.
Consistentwiththecompany’sfocusondebtreduction,theBoardhasdeterminednottopayan
interimdividend.TheBoardwillcontinuetorevieweachdividenddecisioninlightofthefocuson
debtreduction.
(1)Freecashflowbreakevenistheaverageannualoilpricein2017atwhichcashflowsfromoperatingactivities(includinghedging)equalscashflowsfrom
investingactivities.Forecastmethodologyusescorporateassumptions.Excludesone-offrestructuringandredundancycostsandassetdivestitures.
Mediaenquiries Investorenquiries SantosLimitedABN80007550923
JoannaVaughan AndrewNairn GPOBox2455,AdelaideSA5001
+61(0)419111779 +61881165314/+61(0)437166497 T+61881165000F+61881165131
joanna.vaughan@santos.com andrew.nairn@santos.com www.santos.com
Resultssummary
Sixmonthsended30June 2017 2016 Change
Averagerealisedoilprice US$/bbl 54.8 42.8 +28%
Productionvolumes mmboe 29.5 31.1 -5%
Salesvolumes mmboe 40.1 40.9 -2%
Revenue US$m 1,496 1,205 +24%
EBITDAX(1) US$m 718 491 +46%
Netimpairmentloss US$m (920) (1,516)
EBIT(1) US$m (603) (1,471)
Netprofit/(loss)fortheperiod US$m (506) (1,104)
+Impairmentlosses US$m 689 1,061
+Netgainsonassetsales US$m (51) 4
+Other US$m 24 34
Underlyingprofit/(loss)fortheperiod(1) US$m 156 (5) +3,220%
Operatingcashflow US$m 662 291 +128%
Capitalexpenditure(2) US$m 321 283 +13%
Netdebt US$m 2,928 4,528 -35%
Interimdividendpershare Acents/share - - -
(1) EBITDAX(earningsbeforeinterest,tax,depreciation,depletion,exploration,evaluationandimpairment),EBIT(earningsbeforeinterestandtax)andunderlying
profitarenon-IFRSmeasuresthatarepresentedtoprovideanunderstandingoftheperformanceofSantos’operations.Underlyingprofitexcludestheimpactsof
assetacquisitions,disposalsandimpairments,aswellasitemsthataresubjecttosignificantvariabilityfromoneperiodtothenext,includingtheeffectsoffair
valueadjustmentsandfluctuationsinexchangerates.Thenon-IFRSfinancialinformationisunauditedhoweverthenumbershavebeenextractedfromthefinancial
statementswhichhavebeensubjecttoreviewbythecompany’sauditor.
(2) Excludingcapitalisedinterest.
Santos’portfolioisfocused onfivecore,long-lifenaturalgasassets:CooperBasin,GLNG,PNG,
NorthernAustraliaandWesternAustraliaGas.Other assets(Asia,NSW andWAoil)havebeen
packagedandrunseparatelyforvalueasastandalonebusiness.
Productionfromthecoreassetsincreasedby2%to25.3mmboeinthefirsthalf,primarilydueto
theramp-upofGLNGandstrongerPNGLNGproduction.Coreassetsalesvolumeswereup5%to
36.1mmboe,drivenbytheramp-upofGLNGandhigherWAgasandPNGsalesvolumes,partially
offsetbylowerCooperBasinsales.
Productionand salesvolumes fromotherassetsdecreased to4mmboe duetothesaleofthe
Victorian,MereenieandStagassets.
Totalrevenueincreasedby24%toUS$1.5billionduetohigherLNGsalesvolumesreflectingthe
ramp-upofGLNG and strongperformance fromPNGLNG,combinedwithhigherprices for all
products.Theaveragerealisedoilpricewasup28%toUS$54.79perbarrelandtheaverageLNG
pricewas26%higheratUS$7.21/mmbtu.LNGsalesrevenuewasup44%duetotheramp-upof
GLNGandstrongperformancefromPNGLNG.
Salesvolumeguidancefor2017isupgradedto77to82mmboe(previously75to80mmboe).
Page2of4
RevenueandEBITDAX(1)byasset
Sixmonthsended30June 2017 2016 2017 2016
Revenue Revenue EBITDAX EBITDAX
US$million US$million Change US$million US$million Change
CooperBasin 395 353 +12% 157 104 +51%
GLNG 358 224 +60% 156 65 +140%
PNG 250 210 +19% 203 165 +23%
NorthernAustralia 78 71 +10% 45 37 +22%
WAGas 135 74 +82% 116 126 -8%
OtherAssets 170 217 -22% 116 103 +13%
Corporate,explorationand 110 56 +96% (75) (109) -31%
inter-segmenteliminations
Total 1,496 1,205 +24% 718 491 +46%
(1) EBITDAX(earningsbeforeinterest,tax,depreciation,depletion,exploration,evaluationandimpairment)isanon-IFRSmeasurethatispresentedtoprovidean
understandingoftheperformanceofSantos’operations.Thenon-IFRSfinancialinformationisunauditedhoweverthenumbershavebeenextractedfromthe
financialstatementswhichhavebeensubjecttoreviewbythecompany’sauditor.
Upstreamproductioncostsdroppedby12%toUS$239million(US$8.08perboe),primarilydueto
costsavingsandefficiencygainsacrossthecoreassetsandthesaleofnon-coreassets.
OtheroperatingcostsincreasedbyUS$19milliontoUS$189million,primarilyduetohigherLNG
plantcostsfollowingthestart-upofGLNGtrain2inMay2016,higherpipelinecapacitycharges,and
higherroyaltyandexcisecostduetohigheraveragecommodityprices.
Highersales revenues andlower costs combinedto deliver anear50% boostin EBITDAXto
US$718millionforthefirsthalf.AllcoreassetsdeliveredhigherEBITDAX,withtheexceptionofWA
Gas,whichbenefitedfromasettlementunderarevisedgassalesagreementinthecorresponding
period.StrengtheningthebalancesheetNetdebtreducedtoUS$2.9billionasat30June2017,downfromUS$3.5billionatthestartoftheyear.Thecompany’sgearingratiowas30%,downfrom33%attheprioryearend.Netdebtwasreducedthroughacombinationfreecashflowsgeneratedbythebusiness,assetsalesandasharepurchaseplanduringthefirsthalf.InMay2017,S&PGlobalRatingsreaffirmedSantos’BBB-creditratingwithstableoutlook.Aspreviouslyannounced,SantosisexercisingitsoptiontoredeemitsEuro1billionSubordinatedNotesonthefirstcalldateinSeptember2017.SantoshasamplecashandliquidityofUS$4.2billiontofundtheredemption.Debtmarketsremain buoyant andopenfor Santos,andthecompanyexpectstoundertakesuitableadditionaldebtfundingatsignificantlylowerinterestcostsinthenear-term. Page3of4Impairmentofassets
As previously announced, the 2017 first-half result includes a net impairment charge of
US$689millionaftertax,primarilyduetoloweroilprices.Impairmentchargeswererecognised
againsttheGLNG(US$867million)andAALassets(US$149million),partiallyoffsetbyapositive
netwrite-backtotheCooperBasinofUS$336million,wherelowerforecastdevelopmentcostsand
higherproductionmorethanoffsettheimpactofloweroilprices.
2017Guidance
2017salesvolumeguidanceis upgradedto77-82 mmboe,whilerecently upgradedproduction
guidanceismaintainedat57-60mmboe.Allguidancefor2017isshowninthetablebelow.
Item 2017Guidance
Production 57-60mmboe
Sales 77-82mmboe
Upstreamproductioncosts(excludingLNGplantcosts) US$8-8.25/boeproduced
Depreciation,depletion&amortisation(DD&A)expense US$700-750million
Capitalexpenditure(excludingcapitalisedinterest) US$700-750million
Ends. Page4of4
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