Santos: Production Growth Builds as Major Projects Ramp Up
Santos Limited (ASX: STO) delivered resilient operating performance in 1H 2026, with production rising 3% year-on-year to 45.6 mmboe and product sales increasing 2% to US$2.62 billion. However, EBITDAX declined 12% to US$1.56 billion, while net profit fell 19% to US$355 million. Underlying profit decreased 22% to US$397 million, reflecting commissioning costs and other transitional impacts.
Operationally, Barossa continued ramping up, while Pikka achieved first oil and reached gross production of around 23,000 bbl/day, with an approximately 80,000 bbl/day plateau targeted for late Q3 2026. Santos expects second-half production to be approximately 20–30% above first-half levels as these projects scale up. The company also declared an unfranked interim dividend of US$0.116 per share, payable on 23 September 2026.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Santos: Production Growth Builds as Major Projects Ramp Up
Santos Limited (ASX: STO) delivered resilient operating performance in 1H 2026, with production rising 3% year-on-year to 45.6 mmboe and product sales increasing 2% to US$2.62 billion. However, EBITDAX declined 12% to US$1.56 billion, while net profit fell 19% to US$355 million. Underlying profit decreased 22% to US$397 million, reflecting commissioning costs and other transitional impacts.
Operationally, Barossa continued ramping up, while Pikka achieved first oil and reached gross production of around 23,000 bbl/day, with an approximately 80,000 bbl/day plateau targeted for late Q3 2026. Santos expects second-half production to be approximately 20–30% above first-half levels as these projects scale up. The company also declared an unfranked interim dividend of US$0.116 per share, payable on 23 September 2026.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au