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Santos Limited (ASX:STO)

ALERT: Price-sensitive ASX Announcement for STO
Current share price for STO : $8.410 0.3 (3.70%)+
Announcement
Release
19 Aug 2026 9:20AM
Price at Release
$8.110
Full Release
download
Summary
Santos Limited reported strong performance for the first half of 2026, marked by a significant increase in upstream production and the commencement of several key projects. The company achieved a production volume of 99 to 105 mmboe and sales volumes of 102 to 108 mmboe. Major projects include the Pikka project, which reached its first oil production and is on track to achieve a plateau production rate of 80,000 bbl/d by late Q3 2026. Additionally, the Papua LNG project is advancing towards a Final Investment Decision (FID) by Q4 2026. Santos has improved its EBITDAX margin and reduced unit production costs through structural savings and a disciplined low-cost operating model, though free cash flow from operations saw a decline due to increased operating and third-party purchase costs and higher depreciation. The company maintains a robust balance sheet with significant liquidity and no debt maturities until September 2027.
Key Points
  • Santos Limited's production and sales volumes are strong for 1H 2026.
  • The Pikka project has commenced production, targeting a plateau rate by Q3 2026.
  • Papua LNG is progressing towards a Q4 2026 FID.
  • Company achieved significant cost savings and improved EBITDAX margin.
  • Challenges include increased operating costs and higher depreciation.
  • Strong liquidity with no debt maturities until September 2027.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.