Santos (STO.AX) reported production of 22.5 mmboe for the first quarter, up 1 percent on the prior quarter, and 3 percent on the corresponding period in 2025, as Barossa achieved its first cargoes. Sales revenue was approximately $1.27 billion for the first quarter, up 3 percent on the prior quarter, and down 2% year-over-year. The company said the business delivered a disciplined performance during the first quarter, generating $383 million in free cash flow from operations, underpinned by strong execution across the portfolio. The company noted that its full year 2026 guidance remains unchanged.
"As Barossa ramps up and Pikka phase 1 comes online, Santos is well positioned to deliver production growth within the $45 to 50 per barrel all-in free cash flow break even target range for the business. This will set Santos up to deliver sustainable, long-term value and competitive shareholder returns," Santos CEO Kevin Gallagher said.
Santos shares are trading at A$7.70, up 3.49%.
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