Markets

Macquarie now expects its record 2019 profit will be even bigger

Macquarie Bank expects its 2019 profit to be near $3 billion, a bigger record than expected. The company increased its profit guidance today, to 15% higher than last year. The result will be boosted by the bank’s holding in Quadrant Energy which is being acquired by energy giant Santos. Macquarie […]
Macquarie now expects its record 2019 profit will be even bigger
Markets

Santos suitor Harbour Energy sweetens deal in takeover bid

The offer represents a 4.6% premium to last week’s bid. Deal is conditional on Santos entering into hedging contracts for oil production . Santos advised the market that it’s received an upgraded offer from private-equity bidder Harbour Energy. The binding, conditional offer values Santos at $US5.21 per share — up […]
Santos suitor Harbour Energy sweetens deal in takeover bid
Markets

Australian energy stocks crushed

Shares in Australian energy producers took a hit from the global equities sell off. At the close, Santos was down 4.4% to $4.95 and Woodside Petroleum 3.9% to $32.04. LNG was off 8.9% to $0.46 and Origin Energy 6.1% to $8.82. On Wall Street overnight, the energy sector had the […]
Australian energy stocks crushed
Markets

REPORT: A consortium is preparing a $11 billion takeover of Santos

A consortium of major energy investors is reportedly building an $11 billion offer for Australian producer and natural gas exporter Santos. The Australian Financial Review reports the investors are led by a former executive director of Royal Dutch Shell, Linda Cook. The pricing is at about $5.30 a share, a […]
REPORT: A consortium is preparing a $11 billion takeover of Santos
Markets

How Santos plans to help ease the gas shortage in Australia

Energy giant Santos says it plans to divert gas earmarked for export to the domestic market, to ease an expected squeeze on supply as Australia becomes the world’s biggest LNG exporter over the next two years. The company’s GLNG joint venture partners — Petronas, Total and Kogas — will supply […]
How Santos plans to help ease the gas shortage in Australia
Markets

Santos shares surge ahead

Shares in Santos rose by almost 8% in morning trade following the release of its quarterly update for June. The report showed that the company is making progress on reducing debt and cutting costs. Santos said that its cash-flow breakeven point had fallen to $US33 a barrel, down from $US36.50 […]
Santos shares surge ahead
Markets

Santos is getting closer to paying dividends again

Energy producer Santos is still making losses but also significant progress restructuring its oil and gas business. It posted an underlying full-year profit $US63 million and a net loss of $US1.047 billion, including $US1.1 billion after-tax impairment on its GLNG gas project in Queensland. The company decided not to pay […]
Santos is getting closer to paying dividends again
Markets

Santos has a new strategy to concentrate on 5 core assets

Santos has developed a new strategy, including further reducing debt and focusing on five core assets, to take advantage of improving demand for oil and gas. CEO Kevin Gallagher will tell an investor day in Sydney today of the company’s disciplined, three-phase strategy to drive shareholder value. Gallagher, the former […]
Santos has a new strategy to concentrate on 5 core assets
Markets

Santos takes a $US1.5 billion hit on its Queensland gas project

Santos is writing down the value of its GLNG gas project in Queensland by $US1.5 billion ($A1.95 billion) as low prices for energy, including natural gas, squeeze assets. The energy giant made the announcement before its half year results due to be released Friday this week. The latest non-cash charge […]
Santos takes a $US1.5 billion hit on its Queensland gas project
Markets

Santos losses blow out to $2.7 billion

Energy giant Santos has cut its dividends and tied future payouts to underlying profit after posting a full year loss of $2.7 billion. The loss includes impairments of $3.924 billion before tax ($2.761 billion after tax), mainly relating to Cooper Basin gas producing assets, GLNG assets and Gunnedah Basin assets. […]
Santos losses blow out to $2.7 billion