LNG/gas heavy: GLNG (Queensland), PNG LNG stake, Cooper Basin, Barossa (backfills Darwin LNG, started ~2025), Alaska Pikka (~2026), Dorado.
Strong balance sheet with net debt ~$3.5bn easing as Barossa/Pikka ramp; disciplined dividend backed by a low FCF breakeven. The ADNOC/XRG ~$18.7bn takeover collapsed in 2026, leaving a valuation and strategic overhang. Flags: Australasian concentration, domestic gas policy, Barossa/CCS approvals.
Its EV/EBITDA of 7.3x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.0% is lower than the 6.5% median, and at $23.11/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Santos scores 39/100, strongest on safety (45/100). Sub-scores: value 39, quality 38, growth 24, risk 55 (higher = riskier).
Santos holds approximately 0.91 billion boe of proved (1P) reserves with FY2025 production of about 240 thousand boe/d (17% liquids), a reserve life of roughly 10.4 years. Break-even: ~$35 (FCF breakeven (Brent)) — ~US$35/bbl free-cash-flow breakeven (2025); low-cost LNG-weighted portfolio.
For Santos, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Australia | 70% | 10 | Stable; rising carbon/PRRT tax scrutiny and approvals delays. |
| Papua New Guinea | 22% | 79 | Landowner disputes, LNG delays, weak institutions. |
| Timor-Leste | 5% | 67 | Greater Sunrise dispute, revenue-sharing, capacity limits. |
| United States (Alaska) | 3% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Barossa | Australia | Gas/LNG | backfills Darwin LNG, ~2025 |
| PNG LNG | Papua New Guinea | LNG | minority |
| GLNG | Australia | LNG | operator |
| Cooper Basin | Australia | Oil/gas | legacy |
| Pikka | United States (Alaska) | Oil | ~2026 first oil |
| Dorado | Australia | Oil | development |
| Bayu-Undan / Darwin LNG | Timor-Leste/Australia | LNG | backfill |
| Moomba CCS | Australia | CCS | carbon capture |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 255 | 282 | 251 | 246 | 240 |
| Proved reserves (bnboe) | 1.15 | 1.19 | 1.14 | 1.10 | 0.91 |
| Revenue ($bn) | 4.7 | 7.8 | 5.8 | 5.8 | 4.9 |
| EBITDA ($bn) | 2.7 | 5.2 | 3.9 | 3.7 | 2.9 |
| Net income ($bn) | 0.7 | 2.1 | 1.4 | 0.9 | 0.8 |
| Free cash flow ($bn) | 1.0 | 2.5 | 1.5 | 1.0 | 0.8 |
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✓ FY2025 figures verified against primary sources: