CREATING OPPORTUNITIES
Maximising the value of the exploration program, building 
a better and more balanced portfolio and pursuing new
opportunities.
Annual Report 2004 1
…TO DELIVER ON THE STRATEGY
Santos continues to tap into the spirit and commitment of the
entrepreneurs and explorers who laid the Company’s foundations
as we deliver on our growth strategy.
T oday, Santos is a major Australian oil and gas exploration and
production company growing a global energy business through:
LEVERAGING BASE BUSINESS
Creating value from the base business through environment,
health, safety and operational excellence, optimisation
programs and cost leadership.
CAPTURING AND
DELIVERING GROWTH
Commencing new production, advancing key projects,
extracting value from our infrastructure position and 
seeking innovative commercial arrangements.
MANAGING OPTIONS
Delivering improved returns, strong cash flow and reserve
replacement through disciplined portfolio management,
strategic acquisitions and divestments, and making
sustainable progress.
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