2024 Half-year Results Video Presentation

Summary

Santos's 2024 half-year results presentation highlighted strong financial performance with $27 billion in sales revenue and $1.8 billion in EBITDAX. The company is progressing on major projects like Barosa, Pika, and Mumba CCS, aiming for stable production and cash flows. Santos is committed to safety and operational efficiency, with a focus on decarbonization and low-carbon fuel development. A record interim dividend of $422 million was announced, reflecting the company's strategy to return at least 40% of free cash flow to shareholders.

Takeaways

• 📍 Santos's 2024 half-year results demonstrate a disciplined operating model and strategic success.
• 💹 The company reported sales revenue of $27 billion, EBITDAX of $1.8 billion, free cash flow from operations of $1.1 billion, and an underlying profit of $654 million.
• 📈 Santos plans to pay a record interim dividend of $422 million, reflecting a commitment to returning at least 40% of free cash flow to shareholders.
• 🔍 The company's free cash flow from operations in the first half of 2024 is consistent with the same period in 2023, allowing for a significant return to shareholders.
• 🏗️ Major projects like Barosa, Pika, and Mumba CCS are progressing well, with Barosa expected to start up in less than a year and Mumba CCS to begin operations this year.
• 🌿 Santos is committed to safety and has seen improvements in personal safety performance and a reduction in loss of containment incidents.
• ⚙️ Operational performance remained strong despite external challenges like extreme weather and inflation, with a focus on managing costs.
• 🌐 Santos is expanding its LNG production to meet regional demand, with a portfolio that will have a capacity of nearly 8 million tons per annum by 2028.
• 🌿 The company is progressing towards decarbonization with its CCS projects, aiming for net-zero scope one and two emissions by 2040.
• 🔋 Santos's balance sheet is strong, with gearing within the target range and a focus on cost management and operational efficiency.

Q & A

What are the key financial highlights for Santos in the first half of 2024?

Santos reported sales revenue of $2.7 billion, EBITDA of $1.8 billion, free cash flow from operations of $1.1 billion, and an underlying profit of $654 million. The company also declared a record interim dividend of $422 million (13 US cents per share).

What are the major projects contributing to Santos's long-term production and cash flow?

Santos is progressing on key projects such as Barosa, Pika, and Mumba Carbon Capture and Storage (CCS). Barosa is expected to start production within a year, and Pika is following closely behind. The Mumba CCS project is set to generate new revenue from carbon credits by the end of 2024.

How does Santos plan to return value to its shareholders?

Santos aims to return at least 40% of free cash flow from operations to shareholders. In the first half of 2024, it returned $422 million through dividends. The company’s strong free cash flow enables it to maintain consistent and reliable shareholder returns.

How has Santos improved its safety performance in the first half of 2024?

Santos saw improvements in personal safety and a significant reduction in loss-of-containment incidents. The company focuses on process safety and continuous learning from incidents to enhance safety across its operations.

What are the future growth prospects for Santos in terms of production?

Santos expects to grow production with continued development in areas like the granite wash play at Mumba, with improvements in drilling technology and cost optimization. Additionally, record production rates were achieved from its CSG fields in GLNG.

How is Santos contributing to decarbonization and renewable energy efforts?

Santos is developing projects like the Mumba CCS, which is one of the largest CCS projects globally and will start generating revenue through carbon credits. Additionally, solar and battery systems were installed at camps in the Cooper Basin, advancing electrification of operations.

What role does Santos see for LNG in the energy transition?

Santos views LNG as crucial for energy security and the transition to low-carbon energy. It is expanding its LNG production to meet regional demand, with projects expected to produce nearly 8 million tons per annum by 2028.

What operational challenges did Santos face in the first half of 2024?

Santos managed several external challenges, including extreme weather events and inflation. Despite these, the company focused on cost management, maintaining a strong operational performance.

What is the progress on the Barosa gas project?

The Barosa project is 80% complete, with two wells drilled and completed. The gas export pipeline is finished, and the project is on track for first gas production within the next year.

How is Santos positioned to meet future energy demand in Asia?

Santos is well positioned to meet Asia's growing demand for LNG, with a portfolio of world-class assets and a proximity advantage to Asian markets. It has strong contracted pricing and expects to benefit from the demand growth projected through 2050.

Outlines

00:00

📊 Santos 2024 Half-Year Results Overview

The speaker opens by acknowledging the traditional landowners and paying respect to Indigenous elders. They discuss Santos' financial performance, noting strong cash flows, significant progress on major projects like Barossa, Pikka, and Moomba CCS, which will generate long-term production and cash flow. Barossa is close to startup, and Moomba CCS will begin this year, generating revenue from carbon credits. Santos reported a sales revenue of $27 billion, free cash flow of $1.1 billion, and a record dividend of $422 million for shareholders, reinforcing the company’s focus on reliable shareholder returns.

05:01

💡 Record Operational Performance and LNG Expansion

Santos highlights record reliability across facilities and projects in Papua New Guinea (PNG), with Angore wells set for production in Q4 2024. PNG LNG projects continue to exceed expectations, delivering high-quality oil and gas while Santos' focus on decommissioning and improving cost management in Western Australia progresses. The company also advances its carbon capture and storage (CCS) strategy in Moomba, positioning itself as a leader in low-carbon fuel and CCS projects across its portfolio. With growing LNG demand in Asia, Santos emphasizes the strategic importance of LNG in the energy transition.

10:01

🌍 Progress on Global Projects and Carbon Capture

The Barossa project is nearing completion, with significant advancements in drilling and infrastructure installation. The Pikka Phase 1 project in Alaska made strong progress, and the Moomba CCS project, one of the largest of its kind, is set to become a new revenue source for Santos through carbon credits. Santos positions itself to benefit from long-term demand for LNG in Asia and continued investments in CCS and renewable energy projects, highlighting its vision to deliver decarbonized energy solutions.

15:04

💵 Financial Performance and Capital Management

The CFO presents Santos' strong financial results, including free cash flow of $1.1 billion and an EBITDA of $1.8 billion. The company expects a reduction in capital expenditure as major projects like Barossa and Pikka come online, improving cost efficiency. Santos maintains a strong balance sheet with gearing at 19.9%, focusing on delivering shareholder returns while managing operational costs. The company emphasizes its disciplined capital management and continued investment in strategic projects.

20:06

📈 Strong Cash Flow and Strategic Outlook

Santos delivers robust financial performance despite lower volumes and pricing, achieving $2.7 billion in sales revenue. The company outlines a strong liquidity position with $4 billion in cash and credit facilities, and emphasizes ongoing investments in its CCS projects. With a focus on optimizing its cost base and reducing capital expenditures, Santos positions itself for continued growth, strong shareholder returns, and resilience against market fluctuations. The company's diversified portfolio supports sustainable long-term growth and aligns with its low-carbon transition goals.

Keywords

💡Santos

Santos is the company presenting its 2024 half-year financial results in the transcript. It is an energy company that operates in regions like Papua New Guinea, Alaska, and Australia. The company's operations include the production of natural gas, oil, and low-carbon fuels, positioning itself as a key player in energy production and decarbonization efforts.

💡Carbon Capture and Storage (CCS)

Carbon Capture and Storage (CCS) is a technology mentioned in the video as a key project for Santos, particularly the Mumba CCS project. This technology captures carbon dioxide emissions and stores them underground to prevent them from entering the atmosphere. In the video, CCS is presented as a major future revenue source for Santos, aligning with their decarbonization and sustainability goals.

💡Barossa Project

The Barossa Project is a significant gas project for Santos, mentioned as being less than a year away from production. It is part of Santos' long-term strategy to ensure stable production and cash flow. The project is 80% complete and will contribute to LNG production, which is crucial for meeting regional demand in the energy transition.

💡Free Cash Flow

Free Cash Flow is a financial measure used to highlight the company's liquidity and ability to generate cash after maintaining and growing its operations. Santos generated $1.1 billion in free cash flow for the first half of 2024, which enabled them to pay record dividends to shareholders. It reflects the company’s financial health and operational success.

💡Dividend

A dividend is a portion of a company's earnings distributed to shareholders. In the transcript, Santos declared a record interim dividend of $422 million or 13 US cents per share. This reflects the company’s strong financial performance and commitment to returning value to shareholders.

💡Mumba CCS Project

The Mumba CCS Project is one of the largest carbon capture and storage projects in the world. It is expected to become operational by the end of 2024, generating revenue through the sale of carbon credits. This project is essential for Santos' commitment to decarbonization and future revenue generation, contributing to a low-carbon energy future.

💡Liquefied Natural Gas (LNG)

Liquefied Natural Gas (LNG) is a crucial product for Santos, particularly in its operations in regions like Papua New Guinea and Australia. The company is focused on increasing LNG production to meet the growing demand in Asia. LNG plays a key role in the energy transition, providing a cleaner fuel option for global energy markets.

💡Energy Transition

Energy Transition refers to the global shift from fossil fuels to more sustainable and low-carbon energy sources. In the transcript, Santos discusses its strategic role in this transition through the production of LNG and the development of carbon capture projects like Mumba CCS. This transition is expected to drive long-term demand for LNG and carbon credits.

💡Decarbonization

Decarbonization is the process of reducing carbon emissions, which is a central theme in Santos' strategy. The company aims to achieve net-zero Scope 1 and 2 emissions by 2040. Projects like the Mumba CCS and electrification of operations are part of their efforts to reduce the carbon footprint while continuing to produce energy.

💡Pikka Project

The Pikka Project is an oil development project located in Alaska, which is expected to start production after the Barossa Project. It is a part of Santos' strategy to ensure stable long-term production and cash flow. The project also highlights Santos’ diversified portfolio, covering both traditional energy sources and decarbonization initiatives.

Highlights

Santos's 2024 half-year results demonstrate success with a disciplined operating model and strategy.

Santos continues to generate strong cash flows from existing assets.

Significant progress on major projects Barosa, Pika, and Mumba carbon capture and storage.

Barosa project is less than a year away from startup.

Mimba CCS will start up this year, generating revenue from carbon credits.

Sales revenue of $27 billion for the half, EBITDAX of $1.8 billion.

Free cash flow from operations of $1.1 billion and underlying profit of $654 million.

Record interim dividend of $422 million or 13 US cents per share.

Free cash flow from operations consistent with the first half of 2023.

40% of free cash flow from operations returned to shareholders.

Safety performance improved with a significant reduction in loss of containment incidents.

Operational performance strong despite external challenges like extreme weather and inflation.

Mumba CCS in final stages of commissioning, on track for first injection by the end of the year.

Cooper Basin's potential to become an energy super Basin for the next 50 years.

Santos expanding Liquefied Natural Gas (LNG) production to meet regional demand.

Barosa gas project almost 80% complete, first gas expected within the next year.

Pika Phase 1 Project in Alaska has made strong progress with 40 miles of pipeline installed.

Mumba CCS expected to generate new revenue through Australian carbon credit units.

Santos's long-term contracted positions with high-quality LNG buyers in Asia provide stable cash flow.

Santos is well-positioned to benefit from ongoing demand for LNG in Asia.

Santos continues to view Australia, the US, and PNG as critical energy-producing nations.

Santos aims to reach Net Zero scope one and two emissions by 2040.

2024 has been an exciting year for Santos with a strong base business and clear line of sight to new production volumes.

Santos has delivered strong financial results for the first half of the year.

Transcripts

welcome to the presentation of Santos's

2024 halfe results I'm speaking today

from the traditional lands of the Garner

people of Adelaide

Plains I pay my respects to their Elders

past present and emerging I'd also like

to acknowledge and recognize the support

of traditional owners indigenous people

and Nationals everywhere Santos operated

operates including in Papa New Guinea

teor Lee and

Alaska I'm pleased to present yet

another set of financial results that

demonstrates the success of a

disciplined operating model and our

strategy Santos continues to generate

strong cash flows from existing assets

and has made significant progress on its

major projects Barosa Pika and mumba

carbon capture and storage these

projects will underpin long-term stable

production and cash flows for the

company with Barosa less than a year

away from startup and Pika falling close

behind mimba CCS will start up this year

generating a new Revenue Source from

carbon

credits I will provide an overview of

the halfe results for 2024 before

handing over to Chief Financial Officer

antha mckinnel who will discuss them in

more detail

detail before we start I draw your

attention to the usual

disclaimer sales revenue of $27 billion

for the half generated ebit Dax of $1.8

billion free cash flow from operations

of $ 1.1 billion and an underlying

profit of $654

million I am pleased to report that the

board has determined to pay a dividend

of $422 million or 13 us cents per share

on Frank this is a record interim

dividend for

Santos our free cash from operations in

the first half of 2024 is consistent

with the half of 2023 at almost $1.1

billion this has enabled a record $422

million to be returned to shareholders

achieving our goal of returning at least

40% free cash flow from operations to

our share shh

holders this reflects our commitment to

deliver consistent reliable shareholder

returns in accordance with a Capal

management

framework always safe is one of our core

values our expectation is that every day

every Santos employee and contractor is

focused on keeping themselves and their

workmates safe so that everyone goes

home healthy every single

day personal safety performance improved

in the first half and we've seen a

significant reduction in loss of

containment

incidents while Santos Compares Fab

favorably with in Industry benchmarks

process safety performance is critical

and continuous learning from all safety

incidents is vital to improve

performance and create safer

workplaces our operational performance

has been strong for the first half of

the year in the face of a number of

external challenges and uncertainties

from from extreme weather events to

inflation I remain focused on the things

within our control in particular

managing our cost

base my management team shares this

commitment and we have initiatives in

place across the business to continue to

drive cost

down at Mumba the granish granite wash

horizontal well encountered a 900 met

lateral section in the Target interval

and pleasingly the well has confirmed

the rate per stage we can expect in

future development Wells which should

deliver in the order of 10 to 15 times

the productivity of vertical

Wells we successfully installed and

commissioned solar and Battery Systems

at two of our camps in the Cooper Bas

advancing our plans for electrification

of

operations Santos plans to grow

production with continued development in

the Central Area focused on the granite

wash play followed by the patara Deep

we continue to improve operational and

cost performance with drilling

technology advances multi-well pads and

campaign drilling combined with

rationalization of surface facilities

and Midstream optimization through

electrification simpli simplification of

processing and other

projects at glng we delivered record

production rates from our CSG fields and

we remain on track to deliver 6 million

tons of LG from the project this year

glng also continued to support East

Coast domestic gas markets through

seasonal shaping of our l& cargos to

make more domestic gas available during

the East Coast winter demand

period across the operated facilities

and PNG we achieved record reliability

of

97.5% in the first half delivering

higher

production both angori Wells were

drilled and completed with angori on

track for production

in the fourth quarter of this year our

infill drilling program in PNG has also

been very successful with the discovery

of high quality producible oil zones in

deeper

reservoirs seven Equity P LNG cargos

were sold delivering incremental value

for shareholders and our marketing and

trading teams completed two price

reviews with long-term customers in

PNG and in teamour Ley in Northern

Australia p and continues to exceed

expectations and is still supplying gas

into the Northern Territory domestic

Market over in Western Australia

cyclical production from the reindeer

field is expected to continue throughout

the second half of

2024 and the wa team is also progressing

our decommissioning campaign safely

effectively and efficiently with a focus

on continuous Improvement and optimized

scheduling to manage costs

Santos Energy Solutions continues to

develop our three Hub ccs and low carbon

fuel strategy in Australia and teor

Ley Mumba CCs is in the final stages of

commissioning with the pipeline being

pressured up and CO2 being introduced to

the system imminently the project is on

track for first injection and ramp up to

fuel capacity by the end of this

year we're now planning phase two of

Mumba ccs and of completed a study on

CCS pipelines for the

project the Cooper Basin is a very

exciting long life asset to have in the

portfolio because of its key

infrastructure position its connection

to Gladstone l& and Export markets and

its gas production growth potential as

well as its carbon capture and storage

and Renewables resource

potential together these factors could

make the Cooper Basin an energy super

Basin for another 50 years or more

producing both traditional and low

carbon fuels and sequestering carbon at

scale with First cast from Barosa

expected next year I want to take a

moment to highlight the Strategic

importance of LG in the energy

transition and how Santos is expanding

its LG production to meet Regional

demand energy security and the energy

transition will continue to drive demand

for l in Asia out to 2050 and

Beyond Santos has a portfolio of

worldclass LG assets and development

projects that by 2028 will have a

capacity of nearly 8 million tons perom

of LG and increasing production for

delivery into

Asia the portfolio is advantaged by a

quality customer base and strong

contracted pricing with an average slope

to oil above 14

% Barosa will add around 1.8 million

tons perom to existing production of LG

from PNG LNG and Gladstone

LG the proximity of Santos's LG

portfolio to Asian markets is a real

advantage over other Supply sources with

lower shipping times and cost and lower

shipping emissions Santos's long-term

contracted positions with high quality

LG buyers in Asia provide stable cash

flow

generation the Barosa gas project is now

almost 80% complete and the progress we

have achieved following the successful

court case earli this year has been

impressive since Drilling recommenced in

January we have drilled and completed

two Wells with a third well drilled to

the top of the reservoir the most recent

well results were better than expected

with excellent Reservoir quality and

thickness encountered

the gas export pipeline is now complete

with pre-commissioning completed in July

the surf or subsurface facilities

installation is on track and 75%

complete with the fpso boy installed and

testing is is now underway on the six

infield subsea flow lines the fpso work

in Singapore is on track with all 16

topside modules now

installed the fpso has been moved to the

commissioning yard is on track to sail

away in the first quarter of

2025 I am very pleased with the good

progress that we are making on Barosa

with line of sight to First gas within

the next

year in Alaska the P Phase 1 Project has

progressed on all major work packages

and completed a strong first winter

season with 40 miles of pipeline

installed as well as all the vertical

supports required to complete the

pipeline we have drilled 11 Wells the

seawater treatment plant is progressing

and other infrastructure to support

production is on

track Mumba will be one of the largest

and lowest cost CCS projects in the

world and will be the proof point for

the role carbon capture and storage will

and must play for Santos for Australia

and for our Australian and Asian

customers as I've already mentioned the

plant is now in the final stages of

commissioning as we move towards first

injection and ramp up to full capacity

later this year importantly the Mumba

CCS Phase 1 Project is set to generate a

new source of revenue for Santos through

the issuance of Australian carbon credit

units Mumba will be the first project of

its kind to do so and we expect to see

Revenue flow within the next 9 to 12

months after the clean energy regulator

Assurance processes are completed

the market outlook for our products

remains strong while LG supply and

demand appears fairly balanced through

to the early 203s a significant number

of LG projects will need to be

sanctioned to fill the W widening and

balance between supply and demand

thereafter according to Wood McKenzie

gas demand in Asia is forecast to grow

by 67% to 2035 with no pklg this side of

2050

as a leading Global independent LG

supplier with advantaged LG

infrastructure close to Asian markets

Santos is well positioned to benefit

from this ongoing demand in oil

forecasts indicate there is a need for

new Supply investment even in the most

aggressive transition scenarios with

projects such as p in Alaska well

positioned to meet ongoing demand Santos

continues to view Australia the US and

PNG as critical energy producing Nations

for the world underlining the importance

of its investments in these

regions we continue to be unrelenting

and sticking to our strategy to deliver

long-term shareholder value through

backfilling and sustaining our

production decarbonizing our operations

and developing low carbon fuels as

customer demand

evolves in executing our strategy we

will remain disciplined and how we

allocate Capital operate our business

and manage our

costs Santos is in good shape the

business is performing well we have deep

expertise and a strong team and our

focus is on delivering what we say we

will

do you can see how our strategy has

performed by looking at the free cash

flow generation from our operations

since

2015 by 2027 our free cash flow from

operation Target is around $4 billion

and by 2029 we could deliver almost $5

billion in free cash flow from our

operations as we deliver our major major

growth projects our committed CAPIC

declines and our free cash flow yield

looks extremely attractive over the

coming coming years this will provide us

with optionality and flexibility to

manage and deploy our Capital we have

invested at the right time and we now

see opportunities to deliver significant

returns to shareholders in accordance

with our disciplined Capital Management

framework our Diversified and strong

cash generative portfolio will continue

to drive shareholder returns through the

cycle we are decarbonizing our own

operations with our targets to reach Net

Zero scope one and two emissions by 2040

and we are embracing the opportunity to

become a lowc carbon fuels company as

market demand

evolves 2024 has been an exciting year

for Santos so far the base business is

strong and we have clear line of sight

to new stable long-term production

volumes generating robust cash flows

from Barosa and Pica from 2025 and 2026

respectively we are excited by the prog

progress that is being made on

decarbonization and the development of

new earning streams from projects light

mber

CCS I'll now hand over to anthia to

provide a detailed review of our

financial

results thanks Kevin and thank you

everyone for joining us Santos has once

again delivered strong financial results

for the first half of the Year our

performance reflects our commitment to

maintaining a disciplined lowcost

operating model throughout the business

as well as the advantages of our divers

specified

portfolio we continue to actively manage

our cost base across all our assets and

pleasingly with line of sight to Startup

at baros and Pier we expect to see a

reduction in the level of our committed

capital expenditure from

2025 driven by strong operational

performance across the portfolio we

began delivered a set of strong results

including free cash flow from operations

of $1.1 billion and EA Dax of $1.8

billion we're maintaining a strong focus

on our cost base with unit production

costs within current guidance at $7.94 a

barrel and we continue to focus on unit

production costs over the second half of

2024 our balance sheet is strong and

gearing is within our target range at

19.9% excluding leases and

23.5% when

included continued generation of strong

cash flows has ensured we are well

positioned to fund shareholder returns

we've delivered a 49% increase in the

interim dividend to 13 cents per share

on front this is consistent with our

policy at approximately 40% of free cash

flow from operations for the first

half Santos's disciplined operating

model and Capital Management framework

are designed to support and drive our

strategy ensuring strong and sustainable

cash flows our disciplined approach

ensures we can continue to sustain

production levels and Carry Out

necessary maintenance activities

regardless of fluctuations in commodity

prices free cash flow generated above

sustaining Capital requirements is

strategically deployed to deliver

competitive returns to shareholders

maintain a robust balance sheet and

invest in major projects including

actical energy transition

initiatives the combination of

disciplined investment cash flow

management and a strong focus on

strategic priorities

position Santos to sustain long-term

growth and deliver on our policy of

Distributing at least 40% of free cash

flow from operations

annually as our major projects are

delivered our committed capex decreases

and production increases and we will

actively balance the need to invest in

the business and provide strong returns

to

shareholders we continue to maintain a

strong focus on cost management across

our operations

production costs have decreased slightly

to $376 million compared to the same

period last year assisted by lower costs

in Northern Australia as Bay andan

transition from l& to domestic gas late

last year unit production cost excluding

Bay andan of $7.94 per barrel reflect

higher production costs in the coopa

Basin due to increased maintenance costs

including following extreme events as

well as higher electricity costs in

Queensland due to the use of two

electric compressors which have released

additional gas for sale for the second

half of 2024 we expect to continue our

strong focus on our production cost base

our commitment to operational efficiency

and resilience is further demonstrated

by our four-year Target of a free cash

flow Break Even oil price of less than

$35 per barrel for 2024 we're guiding a

fre cash flow sensitivity of around $400

million in free cash flow for every $10

increase in Brent

pricing we continue to actively manage

and optimize the group's cost base and

resources both at the regional and the

corporate level for example in wa we

have recently announced a reduction in

headcount to better align our people

costs with our work activities and we

continue to look for other opportunities

to reduce costs across the

group our Diversified portfolio of

Upstream gas and liquids assets

supported by strong LG contracts and

inflation linked fixed price domestic

gas agreements underpinned an operating

cash flow of $1.4 billion this result is

12% lower than the first half of 2023

primarily due to lower volumes and lower

realized pricing partially offset by

higher liquids

prices the averaged realized oil price

increased by 4% compared to the previous

half while the average realized LNG

price decreased

9% investing cash flow was lower

compared to last year primarily due to

lower sustaining capital expenditure and

we delivered strong free cash flow from

operations of 1.1

billion product sales revenue though

slightly lower than 2023 first half

remains strong at $2.7

billion eax of $1.8 billion resulted in

underlying earnings of $654 million for

the

half this table provides a snapshot of

our halfe results showcasing the strong

performance of our Upstream gas of

liquids business and its contributions

to EA Dax and margins it underscores the

strength of our Diversified and balanced

portfolio which has delivered strong eax

margins of 66% for the half across the

portfolio and we've maintained strong

margins across all all our

regions we remain focused on maintaining

a strong balance sheet to ensure we are

well positioned to execute our strategy

we continue to Target a strong level of

liquidity with our total liquidity of

approximately $4 billion held in a

combination of cash and undrawn finance

facilities as previously noted our

gearing of

19.9% excluding operating leases 23.5%

including leases remain remains within

our target range of 15% to

25% we have secured transition Finance

for our share of the MBA carbon capture

and storage project the facilities with

a 5-year tener and totaling $150 million

will be used to cover project costs

incurred to date and to draw upon as the

project progresses to First injection

and ramp up by year

end we have a supportive banking group

with access to over $3 billion in cash

bilateral and syndicated loan facilities

most of which are under undrawn these

facilities have maturities extending

from 2024 to

2028 there is no substantial debt

maturing before

2027 P LNG Finance is repaid through

project cash flows with the final PNG

LNG financing payment due in

2026 our strong balance sheet and

liquidity metrics are demonstrated by

the stable investment grade ratings we

maintain

from all major rating agencies thank you

very much and I'll hand you back to

Kevin thanks anthia in summary we have

started the year with a focus on

disciplined operations in our base

business and steady execution of our

major projects the company continues to

perform well and has a strong pipeline

of Upstream production and new new

revenue streams from decarbonization

projects we remain focused on operating

our business efficiently and delivering

our major projects to generate

consistent reliable long-term value for

our shareholders