This report provides an analysis of Santos Limited Annual Report FY2018, including financial and non-financial performance indicators, interpretation, and recommendations. The report highlights the significant improvement in both financial and non-financial indicators when compared with the previous year. The key aspect is the improvement of price realisation for oil and LNG leading to improved profitability despite lower offtake volumes. However, the increasing share of debt in the asset funding can pose a problem for the company in the future.