Santos LtdPrivate▲ Positive
Supplyrelevance
Narrowed production guidance and strong Barossa/Pikka performance indicate improved output and operational progress.
Santos reported second-quarter total sales revenue of $1.35 billion, up from $1.29 billion a year earlier, and narrowed its full-year production guidance to 99 to 105 mmboe. Second-quarter production was 23.1 mmboe, bringing first-half output to 45.6 mmboe, with second-half 2026 production expected to rise 20 to 30 percent over the first half. The Barossa project is now producing at 97 percent of planned rates, loading two cargoes late in the quarter at a cadence of roughly every eight days, while Pikka phase 1 is progressing toward plateau with initial production wells delivering about 23,000 barrels per day. Santos shares last closed on the ASX at A$7.85.
Narrowed production guidance and strong Barossa/Pikka performance indicate improved output and operational progress.