and, in our drive to do so, it is
important to identify ways in
which we might achieve more
efficient and cost-effective
outcomes. 
As a result, an important initiative
has been the introduction of a
continuous improvement program.
The organisational restructure
implemented during 2004 yielded
dividends with savings recorded
in the past year of $38 million for
program outlays of $22 million.
These programs will continue to
contribute at even higher levels
going forward for even less cost. 
A PART OF OUR COMMUNITY
Santos engages with many
stakeholders and we believe it 
is important to have rewarding
relationships with the communities
to which we belong. 
We sponsor a wide range 
of educational, cultural and
community events and programs.
Annual Report 20046
PERFORMANCE AGAINST TARGETS
Long-term 2004 Comments
target performance
Production growth 6-8% -13.1% Moomba incident impact
Reserve replacement ratio >140% 121% Excludes Jeruk 
exploration success
Reserve replacement cost per boe <US$5.50 US$12.37 Impacted by development focus 
in 2004
Netback >A$22 A$21 On target
EBITDA growth per share >10% 8.8% Improving trend
Return on capital employed >10% 9.4% Improving trend
Managing Director’s Review continued
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