Santos’s surprising recovery

Written off in some quarters only months ago, the local oil producer resurfaces.

Summary: As the oil price steadies, Australia’s big oil stocks are recovering, with Santos up 20 per cent since its March low. Conditions are still challenging for oil companies, but there is increasing confidence that $US60 a barrel is the new floor for oil, not the ceiling. The consensus view of investment banks is that the worst is over, with better times ahead for two of the three top oil stocks.

Key take-out: Credit Suisse wrote Santos off in January, but investment banks now see the stock as the most likely to succeed over the next year, with Oil Search rated second and Woodside third.

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