Santos Ltd

STO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$99.20	Nhbk	Ndlntlkt

Material Free Cash Flows Despite COVID-19 and Development Pipeline Progress in 2020 for Santos

Mark Taylor

Feb 18, 2021

We make no change to our AUD 10.30 fair value estimate. Santos reported a 61% decline in 2020 underlying NPAT to USD 287 million, or AUD 0.20 per share, considerably below our USD 436 million expectation. The key difference was higher-than-expected operating costs, considerably related to the ConocoPhillips acquisition, and much non-cash.

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