The share buyback and higher targets for dividends will mean investors will cash in.
Santos shareholders are set to reap the benefits of a further $US350 million on-market share buyback and a new dividend policy linked to a higher portion of free cash flow.
“Once the Barossa and Pikka Phase 1 projects commence production, the board’s intention is to consider increasing shareholder returns to at least 50 per cent of free cash flow generated per annum.”RBC analyst Gordon Ramsay said the policy is beneficial because if provides further returns to shareholders in future years compared to Santos’ prior policy.
This new share buyback is in addition to the $US350 million announced in August, which is approximately 98 per cent complete, and brings the total on-market share buyback amount for 2022 to $US700 million.
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