ASX:STO

Santos, Karoon Energy Shares Slide as Oil Price Hits Two-Month Low

Santos (ASX:STO) shares fell over 1% in recent Friday trade, while Karoon Energy (ASX:KAR) shed nearly 3%, as the price of oil hit a two-month low after US President Donald Trump canceled plans to strike Iran.Brent crude futures were down 1.3%, and WTI crude declined 1.4%, both sitting below the $90 per barrel mark.In a social media post, Trump ​said he called off strikes on Iran because discussions between the two sides have ​progressed, creating hope for a peace deal to end the conflict.

Australian Shares Fall; Santos to Target Capital Expenditure Reduction of Around AU$300 Million from 2027 to 2030

Australian shares fell on Tuesday as optimism around a potential deal to end the conflict in the Middle East wavered after fresh US strikes.The S&P/ASX 200 Index declined 0.39%, or 34.20 points, to close at 8,657.80.Brent crude oil futures rose around 2% to trade around $98 per barrel after the US military carried out strikes in Iran against targets including missile launch sites and boats, which the US characterized as defensive in nature.US Secretary of ​State Marco Rubio said negotiating a deal with Iran could "take a few days."On the domestic front, one in six Australian businesses was experiencing supply chain disruptions in May, with about 72% reporting a negative impact from current fuel prices or availability, according to a business conditions and sentiments report by the Australian Bureau of Statistics (ABS).ABS said 60% of businesses made changes to operations due to fuel prices or availability, with 48% absorbing cost increases and 11% increasing prices. Agriculture, forestry, and fishing recorded the highest proportion of businesses experiencing supply chain disruptions at 42%, followed by retail trade at 31%.Australian consumer confidence fell 0.3 points in the week of May 18 to 24 to 66.1 points, as confidence remains around historical lows since the series started in 1973, ANZ said. The four-week moving average eased 0.4 points to 66 points.In company news, Santos (ASX:STO) is set to prioritize upstream investment in the Moomba Central fields area in South Australia and deprioritize the broader Cooper Basin, targeting cumulative capital expenditure reduction of around AU$300 million from 2027 to 2030, and AU$150 million savings annually thereafter.Goodman Group (ASX:GMG) reported a work-in-progress value of AU$14.5 billion as of March 31, saying it expects the figure to reach around AU$18 billion by June. Data centers represent 73% of the March 31 work in progress. The work in progress is 37% pre-committed.Lastly, Infratil (ASX:IFT, NZE:IFT) swung to a profit of NZ$0.558 per share in fiscal 2026 from a loss of NZ$0.315 a year earlier. Revenue for the 12 months ended March 31 was NZ$3.04 billion, compared with NZ$2.86 billion a year earlier.

Santos to Focus Growth Investment on LNG, Oil to Develop Tier-1 Alaska, Papua New Guinea Basins

Santos (ASX:STO) is set to focus growth investment on liquefied natural gas (LNG) and oil to develop tier-1 basins in Alaska and Papua New Guinea, as well as fully appraise Australia's Beetaloo and Bedout basins, according to a Tuesday Australian bourse filing.Santos' Alaskan crude oil is expected to be sold to Asian refineries. Its Pikka phase one project in Alaska is expected to establish cash flow and deliver 80,000 gross barrels of oil per day on plateau.The Nanushuk Drill Site C is fully appraised and ready for a final investment decision within the year.The firm's shares fell 1% in recent trading on Tuesday.

Santos to Target Capital Expenditure Reduction of Around AU$300 Million from 2027 to 2030

Santos (ASX:STO) is set to prioritize upstream investment in the Moomba Central fields area in South Australia and deprioritize the broader Cooper Basin, targeting cumulative capital expenditure reduction of around AU$300 million from 2027 to 2030, and AU$150 million savings annually thereafter, according to a Tuesday Australian bourse filing.This came amidst the firm's strategic review of its Australian domestic oil and gas business.It also said its machine learning bottom-hole pressure model, replacing physical downhole gauges, could lead to around AU$70 million in potential capital expenditure reduction.Its shares rose 1% in recent trading on Tuesday.

ASX Most Active Stocks

Here are the five most actively traded big-cap stocks on the Australian Securities Exchange on Friday.Arafura Rare Earths (ASX:ARU): 80.5 million sharesPredictive Discovery (ASX:PDI): 11.8 million sharesTelstra Group (ASX:TLS): 9.2 million sharesSantos (ASX:STO): 8.2 million sharesSigma Healthcare (ASX:SIG): 7.2 million shares

Energy Producers' Shares Mixed as Oil Rebounds on Iran Tensions

Shares of Woodside Energy Group (ASX:WDS) edged down in recent Friday trade, while Santos (ASX:STO) inched up as oil markets swung higher, with crude prices rebounding on renewed uncertainty over Iran's uranium position and the Strait of Hormuz amid stalled US negotiations.Brent crude futures rose 1.9% to $104.57 a barrel.

Comet Ridge Revises Terms for Stake Acquisition in Queensland Gas Project; Shares Gain 21%

Comet Ridge (ASX:COI) restructured the terms of its acquisition of Santos' (ASX:STO) 42.86% stake in the Mahalo gas project in Queensland to reduce the up-front cash component and extend the completion date by three months, according to a Thursday filing with the Australian bourse.The restructuring comes after recent uncertainty generated by the Australian government's disclosure related to a gas reservation policy that created suboptimal conditions for Comet Ridge to complete a funding initiative, the company said.Under the revised terms, Santos will receive firm consideration of AU$28 million at completion, including AU$18 million in cash and AU$10 million worth of Comet shares. Up to an additional AU$30 million of contingent payments will be made based on the achievement of production milestones at the project.The original agreement in December 2025 called for an upfront payment of AU$40 million and a contingent payment of up to AU$20 million."With these revised terms, Comet is confident it can use the time to execute a funding mechanism that will allow it to complete the acquisition agreement on terms that preserve value for Comet's shareholders," the company said.Shares of Comet Ridge surged 21% in recent Thursday trade, while Santos was down more than 1%.

Santos Says Moomba Carbon Capture Project Stores 2 Million Tonnes of Carbon Dioxide Equivalent in 18 Months

Santos (ASX:STO) said its Moomba Carbon Capture and Storage (CCS) project in South Australia's Cooper Basin has recorded 2 million tonnes of carbon dioxide equivalent safely and permanently stored in just over 18 months of operation, according to a Wednesday statement.The company said Moomba CCS, its onshore carbon capture and storage project, has received more than 1.19 million Australian Carbon Credit Units for carbon dioxide equivalent injected from the start of the project to Sept. 30, 2025.The company's shares rose 1% in recent Wednesday trade.

Australian Shares Decline; Santos Achieves First Oil from Alaska Project

Australian shares declined on Monday as ⁠oil prices rose and the Strait of Hormuz remained closed.The S&P/ASX 200 Index fell 1.45%, or 125.50 points, to close at 8,505.30.Brent crude oil futures climbed to above $110 per barrel. The 30-year US Treasury yield rose to the highest point since 2023.On the domestic front, the Reserve Bank of Australia said Project Acacia, a research project led by the RBA and the Digital Finance Cooperative Research Center (DFCRC), revealed considerable industry interest in tokenization and showed potential to materially improve the efficiency and functioning of Australia's wholesale asset markets.In company news, Santos (ASX:STO) achieved first oil from the Pikka phase one development in Alaska. The phase one initiated production was part of the start-up and late-stage commissioning process, and it is expected to lead to an initial ramp-up to gross 20,000 barrels of oil per day over the next few weeks. Its shares rose 3% on market close.Tuas (ASX:TUA) said the Infocomm Media Development Authority of Singapore paused the review of the proposed acquisition of Singaporean telecommunications firm M1 by its Simba Telecom subsidiary. Its shares closed down 63%.Lastly, Brambles (ASX:BXB) lowered its forecast fiscal-year ­sales revenue growth to 2% to 3% from the previous 3% to 4% and underlying profit growth to 3% to 5% from 8% to 11%, reflecting about $60 million in earnings impact due to repair capacity constraints in parts of its US subcontracted service center network. Its shares fell 20% on market close.

Santos Achieves First Oil From Alaska Project

Santos (ASX:STO) achieved first oil from the Pikka phase one development in Alaska, according to a Monday Australian bourse filing.The phase one initiated production was part of the start-up and late-stage commissioning process, and it is expected to lead to an initial ramp-up to gross 20,000 barrels of oil per day over the next few weeks. Water injection is expected to begin after the seawater treatment plant starts up.The project is expected to reach a production plateau of 80,000 barrels of oil per day during the third quarter.Santos is the operator of the project, holding a 51% stake in the Pikka Unit, with Repsol holding the remaining 49%.A total of 28 development wells were drilled in the area where the first oil was produced, of which 21 were stimulated and flowed back in line with pre-drill expectations. Santos and its partner will alternate tanker shipments from the Port of Valdez.

Australian Shares Drop; Life360 Posts Lower Q1 Earnings, Higher Revenue

Australian shares declined on Tuesday as investors await the May 2026 Federal government budget in Australia, which is expected to change the taxation policy around investments.The S&P/ASX 200 Index fell 0.36%, or 31.10 points, to close at 8,670.70, setting a new 20-day low.Brent crude oil futures rose to around $105 per barrel as the US President Donald Trump said the ceasefire with Iran was "on life support." President Trump is set to visit China this week.On the domestic front, the ANZ-Roy Morgan Australian consumer confidence fell 3.1 points to 64.1 in the week of May 4 to May 10, ANZ reported. The four-week moving average edged down 0.1 points to 65.9 points.Australian consumer confidence fell to near historic lows after the Reserve Bank of Australia raised the cash rate to 4.35%, with broad-based declines led by a sharp drop in household finances despite a slight easing in inflation expectations on lower petrol prices, according to ANZ economist Sophia Angala.Business confidence in Australia rose 5 points to negative 24 in April, driven by partial recoveries in retail, construction, and recreation and personal services, although trend confidence remained strongly negative across all industries and regions, National Australia Bank said.In company news, Life360 (ASX:360) reported first-quarter earnings of $0.03 per share, down from $0.05 a year earlier. Revenue for the three months ended March 31 was $143.1 million, compared with $103.6 million a year earlier. Its shares fell 11% on market close.Santos (ASX:STO) made a final investment decision to proceed with the Agogo production facility tie-in project in Papua New Guinea after the approval by the PNG LNG joint venture to deliver gas from the facility to the PNG LNG gas pipeline. First gas is expected to be produced in the second quarter of 2028.Lastly, DroneShield (ASX:DRO) received a notice from the Australian Securities and Investments Commission (ASIC) asking the company to cooperate with an investigation into market disclosures it made in November 2025. The company said it will lend its full cooperation to the regulator. Its shares fell 10% on market close.

Santos Proceeds With Production Facility Tie-In Project in Papua New Guinea

Santos (ASX:STO) made a final investment decision to proceed with the Agogo production facility tie-in project in Papua New Guinea after the approval by the PNG LNG joint venture to deliver gas from the facility to the PNG LNG gas pipeline, according to a Tuesday filing with the Australian bourse.The company's share of capital expenditure is roughly AU$160 million, with gross capital expenditure totaling around AU$400 million over three years, the filing said.First gas is expected to be produced in the second quarter of 2028.The company holds a 39.9% stake in the joint venture, per the filing.Shares rose nearly 1% in morning trade Tuesday.

ASX Midday Sector Update: Information Technology Stocks Advance, Energy Falls

Information technology stocks advanced nearly 1% in midday trading on Monday, as markets weighed continued tensions in the Middle East and a potential rate hike from the Reserve Bank of Australia on Tuesday.Xero (ASX:XRO) rose 2%, and Life360 (ASX:360) jumped 7%.On the flip side, energy stocks declined more than 2% after President Donald Trump said the US will start helping some ships pass through the Strait of Hormuz starting Monday.Woodside Energy Group (ASX:WDS) shed 3%, and Santos (ASX:STO) declined 2%.

Jarden Adjusts Santos' Price Target to AU$8.80 from AU$8.85, Keeps at Overweight

ASX Midday Sector Update: Energy Stocks Advance, Information Technology Falls

Energy stocks were advancing around 1.2% in midday trading Friday, with utilities following close behind, as oil prices continued to climb amid lingering tensions between the US and Iran.Woodside Energy Group (ASX:WDS) was gaining nearly 2%, and Santos (ASX:STO) was over 1% higher.Meanwhile, information technology stocks were leading decliners with a fall of 1.7%.Qoria (ASX:QOR) was down almost 16% after reporting AU$7.6 million in annual recurring revenue in the March quarter, up 49% from a year earlier.

Australian Shares Continues to Decline; Santos Reports Lower Q1 Revenue, Higher Production

Australian shares again fell at Thursday's close as oil prices gained on the continued closure of the critical Strait of Hormuz in the Middle East.The S&P/ASX 200 Index declined 0.57%, or by 50.20 points, to close at 8,793.40.Brent crude oil futures gained 1.4% on Thursday to reach $103.3 per barrel. Iran captured two container ships ​seeking to exit the Gulf via the Strait of Hormuz.On Wall Street, the S&P 500 rose 1.1%, and the Nasdaq climbed 1.6% to reach new record ​high points as the earnings season started. The Dow Jones rose 0.7%.On the domestic front, The Flash Australia PMI Composite Output Index rose to 50.1 in April from 46.6 in March, moving above the neutral threshold as renewed growth in services activity offset a faster decline in manufacturing output, according to a survey by S&P Global.Australia's private sector activity stabilized in April after March's decline, as a modest recovery in services was offset by continued weakness in manufacturing amid soft domestic demand, rising cost pressures, and supply chain disruptions linked to Middle East tensions.Job advertisements in Australia in March fell 0.4% month on month, 1.3% quarter on quarter, and 2.9% year on year, according to data published by Seek.In company news, Santos (ASX:STO) reported first-quarter sales revenue of about $1.27 billion, down from $1.29 billion in the year-ago period. Sales volume for the quarter was 24.2 million barrels of oil equivalent (mmboe), up from 23.3 mmboe a year earlier, while total production increased to 22.5 mmboe in the first quarter from 21.9 mmboe a year ago. Its shares rose 3% on market close.Ampol (ASX:ALD) submitted its final remedy package to the Australian Competition and Consumer Commission (ACCC) on Wednesday for its proposed acquisition of EG Australia, offering to increase the number of planned divestments to 41 sites from 37. Its shares closed up over 1%.Lastly, Mirvac Group (ASX:MGR) said residential sales for the fiscal third quarter reached 592 sales, up 12% year on year. The company said year-to-date settlements reached 1,076, up 15% year on year, with about 96% of the fiscal 2026 target lot settlements secured and margins on track to be within the 18% to 22% target range. Its shares were down over 1% on market close.

ASX Midday Sector Update: Energy Stocks Gain, Real Estate Slides

Energy stocks were the only sector in the green around midday trading Thursday, rising 2% as oil prices ticked higher amid continuing tensions between the US and Iran over the Strait of Hormuz.Santos (ASX:STO) was advancing over 2% after saying first-quarter production increased to 22.5 million barrels of oil equivalent (mmboe) from 21.9 mmboe a year earlier.Meanwhile, real estate stocks bore the brunt of broader market declines and were down 1.6%.Mirvac Group (ASX:MGR) reported 592 residential sales for the fiscal third quarter, up 12% year on year. The company's shares slid nearly 2%.

Santos Reports Lower Q1 Revenue, Higher Production

Santos (ASX:STO) reported first-quarter sales revenue of about $1.27 billion, down from $1.29 billion in the year-ago period, according to a Thursday filing with the Australian bourse.Sales volume for the quarter was 24.2 million barrels of oil equivalent (mmboe), up from 23.3 mmboe a year earlier, while total production increased to 22.5 mmboe in the first quarter from 21.9 mmboe a year ago, per the filing.The company maintained its 2026 guidance, including for production volume of 101 to 111 mmboe, sales volume of 101 to 111 mmboe, and capital expenditure of about $1.95 billion to $2.15 billion.Santos said its Barossa LNG project's floating storage and offloading facility is expected to commence ramping up production in the next week following the completion of the flushing and cleaning of heat exchanger trains.The company's shares gained nearly 2% in recent Thursday trade.

ASX Midday Sector Update: Consumer Staples Gain, Energy Stocks Slide

Consumer staples stocks were advancing about 0.5% in midday trading Tuesday, posting a very thin lead over gains for information technology shares.Woolworths Group (ASX:WOW) was up nearly 1% and Coles Group (ASX:COL) rose less than 1%.On the flip side, energy stocks were down 1% as oil prices trended lower amid hopes that Iran will join a second round of peace negotiations with the US.Woodside Energy Group (ASX:WDS) was shedding almost 2%, while Santos (ASX:STO) was down more than 1%.

Santos' Limited Pipeline of New Energy Projects, Declining Green CapEx is Concerning, HESTA Says

Santos (ASX:STO) has made progress on its Moomba carbon capture and storage project in South Australia, but its limited pipeline of new energy projects and falling green capital expenditure is troubling, Health Employees Superannuation Trust Australia (HESTA) said Thursday.The superannuation fund, which is a shareholder of Santos, made the statement following the company's annual general meeting, noting that it voted against both the remuneration report and the grant of share acquisition rights to Santos CEO Kevin Gallagher."In our view, remuneration outcomes for CEO Kevin Gallagher are not adequately justified given underlying company performance and the breakdown of a third acquisition proposal in seven years, both of which have weighed on shareholder value," said HESTA CEO Debby Blakey.HESTA believes the share acquisition rights seem to lack challenge and have the potential to reduce appetite for new energy projects, given their restricted focus."Our engagement will focus on seeking a more credible pipeline of new energy and transition projects, stronger performance hurdles in executive remuneration frameworks, and clear succession planning," Blakey said.Santos did not immediately respond to a request for comment from.