Australia's Santos hits 2-week high as Q2 output beats market estimates
18/07/2024 03:34
** Shares of oil and gas firm Santos Ltd STO.AX rise as
much as 1.1% to A$8.100, their highest since July 4
** Q2 production of 22.2 mln barrels of oil equivalent
(mmboe) beat consensus estimate of 21.5 mmboe
** Q2 sales revenue of $1.31 bln was slightly ahead of
Citi’s estimate of $1.27bn on stronger realised pricing
** Barossa will comfortably meet 3Q25 first gas, and may
possibly move forward to late 2Q in our view - Citi
** Brokerage maintains PT of A$8.00
** Stock has risen 5.4% this year as of last close
(Reporting by Poonam Behura in Bengaluru)
((Poonam.Behura@thomsonreuters.com;))