During the 2026 annual general meeting, Santos Limited's (STOSF.PK) Chairman Keith Spence discussed the current conflict in the Middle East, which has upended energy markets and is likely to have lasting impacts.
However, Spence stated that Santos is well-positioned to support energy demands in Australia and across its Asian markets, adding that the company's Pikka phase one project in Alaska will reach first oil imminently, with a ramp-up to plateau production expected around mid-2026. Once at full rates, Barossa and Pikka phase one are expected to lift Santos' production by 2027.
During 2025, the company delivered a strong operational and financial performance, making it well-positioned to deliver higher earnings and shareholder returns in the future.
Additionally, Santos is now preparing for a 25 to 30 per cent increase in production that will deliver a step change in revenue and free cash flow, enhancing shareholder value.
As previously announced, Spence also shared his plan to retire from the Santos Board at the conclusion of the Annual General Meeting in April 2027.
Santos's stock closed trading at $5.64, up 1.62 percent on the OTC Markets.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.