Santos Ltd

STO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Santos Earnings: Cash Flows to Support De-Gearing With Barossa and Pikka Ramping Up

Mark Taylor

Aug 19, 2026

Santos reported a 30% decline in first-half 2026 underlying NPAT to USD 355 million. Production rose 3% to 45.5 million barrels of oil equivalent on steady average pricing, and underlying EBITDA was steady. But depreciation jumped 22% on a methodology change.

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Santos Ltd

Santos Earnings: Cash Flows to Support De-Gearing With Barossa and Pikka Ramping Up

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