ASX:STO

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.

Over 1 Billion Barrels of Oil Supply Forecast to Be 'Erased' From Global Markets in 2026, Jarden Says

Around 1.1 billion barrels of oil supply will be "erased" from global markets in 2026, and the structural consequences of the ongoing conflict in the Middle East, such as damaged infrastructure and depleted strategic reserves, are likely to persist for years, Jarden said in a Thursday note.It has already erased around 400 million barrels from global markets, with losses running at around 13 million barrels per day. Jarden raised its oil and liquefied natural gas (LNG) price forecasts over the risk of further escalation in the Middle East conflict after peace talks broke down and US President Donald Trump announced a US naval blockade of the Strait of Hormuz.It forecasts Brent crude oil to average $92 per barrel in 2026, $90 per barrel in 2027, and $85 per barrel from 2028, assuming the Strait of Hormuz opens for shipment by the end of April.Fuel, petrochemical, and fertilizer shortages are building. Global oil supply has fallen around 12% and LNG supply around 20%, with demand destruction appearing increasingly inevitable.The investment firm assigned overweight ratings to both Woodside Energy Group (ASX:WDS) and Santos (ASX:STO) and set a price target of AU$37 per share for Woodside and AU$8.85 per share for Santos.

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

Information technology stocks advanced 2% at midday Wednesday.Shares of WiseTech Global (ASX:WTC) and Xero (ASX:XRO) rose 2% in recent trade.Meanwhile, the energy sector struggled, shedding 2%, as global oil demand is expected to plunge due to disruptions stemming from the ongoing Middle East conflict.Shares of Woodside Energy Group (ASX:WDS) fell nearly 3% in recent trade, while those of Santos (ASX:STO) were down over 2%.

Woodside, Santos Shares Rise as Crude Oil Futures Spike

Shares of Woodside Energy Group (ASX:WDS) rose almost 3% in recent trading on Monday, while those of Santos (ASX:STO) climbed nearly 2% as crude oil futures spiked after US President Donald Trump announced a blockade of the Strait of Hormuz.Peace talks between the US and Iran broke down over the weekend. Brent crude oil futures rose just over 7% to $101.91 per barrel.