SANTOS IN AUSTRALIA ANNOUNCES $250MN SHARE BUYBACK

Santos, an Australian oil and gas company, announced an initial on-market share purchase of up to $250 million on April 20 as part of a new capital management framework aimed at increasing shareholder returns.

The new capital management framework also includes a dividend policy that pays out 10-30% of free cash flow as dividends, as well as extra shareholder distributions of at least 40% of incremental free cash flow as dividends.