Santos Ltd

STO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Solid First-Quarter Performance From Santos With High Prices to Hit in the Second Quarter

Mark Taylor

Apr 23, 2026

Business Strategy and Outlook

Santos is the second-largest Australian pure oil and gas exploration and production company (behind Woodside Petroleum, ASX:WPL), with interests in all Australian hydrocarbon provinces, and Papua New Guinea. Santos is now one of Australia's largest coal seam gas producers with substantial reserves. It is the country's largest domestic gas supplier.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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Santos Ltd

Solid First-Quarter Performance From Santos With High Prices to Hit in the Second Quarter

Business Strategy and Outlook

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