Santos results for year ended 31 December 2015

Kym Sheehan

The Executive Remuneration Reporter

Santos reported its 2015 results this morning: statutory NLAT of $2.7 billion includes impairments of $2.8 billion after tax. Production of 57,7 mmboe was up 7% on the pcp, while sales volume of 65.3 mmboe was up slightly on FY14 sales volume of 63.7 mmboe. On an underlying basis, NPAT of $50 million is 91% lower than the previous year. In terms of STI awards, the group scorecard result was 67%, about the same group scorecard result as Woodside Petroleum discussed in this wire and note.(VIEW LINK) Individual performance is also relevant at Santos: unlike WPL that uses a multiplier to adjust company scorecard result up/down, Santos has a separate component worth 40% of the total award. No cash STI awards paid in the period: the ex CEO David Knox and the CFO declined, while the remaining executives will take reduced STI awards deferred equity (no cash), with deferral of 2 years. Board discretion reduced the payments to between 22%-42% of maximum payable.

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Kym Sheehan
Kym Sheehan
The Executive Remuneration Reporter

With a background in human resources, executive search and corporate law, Kym Sheehan brings unique perspectives on corporate governance and meeting resolutions to her work for The Executive Remuneration Reporter. The Executive Remuneration...


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