Santos Ltd

STO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Santos: Operationally Strong, With Higher Prices to Evidence in the Second Quarter

Mark Taylor

Apr 23, 2026

Australian hydrocarbon producer Santos reported a 1% increase in first-quarter 2026 production to 22.5 million barrels of oil equivalent, or mmboe. Revenue rose 3% to USD 1.27 billion with a 6% jump in average pricing more than countering softer volumes due to inventory build with cyclone activity.

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Santos Ltd

Santos: Operationally Strong, With Higher Prices to Evidence in the Second Quarter

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