Discuss at least $3$ external risks pertaining to the normal running of the Santos Ltd$.$ Some common ones are foreign exchange, interest rate, political and legislative risks. Review the risks listed in the annual report rather than making up your own. Ignore internal risks; such as investment and financing decisions, credit, health and safety, compliance and human resource management are all internal risks; ignore them. Competition and climate change are not risks $($although they may appear in the annual report $2023).$ Do not discuss Covid as a risk as there are other factors that must be considered, such as government assistance and support, reduction of competitors, difference in state border restrictions, etc. In your discussion, show evidence of every risk you have identified and explain why your company is more susceptible to that risk than other companies. No marks are awarded for risks that are identified without clearly showing evidence that they have impacted the company. This can be done in a few ways. Below are some examples, which are not exhaustive: relevant newspaper articles, correlation with identified variables, trend analysis comparison with competitors, etc. Share price decrease can be visual way to show the impact of the risk in the past. Do not address the steps taken by Santos Ltd to address or reduce the risks.