In a nutshell they've factored in Dorado & Barossa to do much of the heavy lifting towards the targetted 120 mmbboe from the current 75mmboe production.
1) Dorado: 75K bopd * 365 days * 80% net = 22 mmbbls per annum (rounded off)
2) PNG LNG: 2.7mtpa * 9.5 * 13.5% net = 3.5 mmboe
3) Barossa : apprx 20 mmbboe
Total: 45 mmboe increase
Add back 75 mmboe current production
Cumulative: 120 mmboe by 2025.
Factoring in USD/boe of 40-45 (or a lower figure), they should generate apprx USD 1.8 to 2bil revenue growth (or $45*45 mmboe times 20% FCF margin).
Completion of their Conoco sale is by Q1 2020. Noticed that COP had a net carry value of USD 0.6 bil, so they should claim Profit from this sale. COP had USD52mil PAT from the USD350mil Sunrise sale & USD 2.1bil prft after tax from the North Sea subsidiaries sold to Chrysaor.
Ann: Santos upgrades 2025 production target to 120 mmboe, page-10
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