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Australia's Santos slips on 2026 output outlook cut

By Reuters News6 hours ago Updated

** Shares of Santos STO.AX down 1% at A$9.22, set for their worst session since October 1, if current trends hold

** Australia's second-largest independent oil and gas producer narrows its 2026 production forecast to 99 million to 102 million barrels of oil equivalent (mmboe), compared with its previous projection of 99 to 105 mmboe

** Company narrows full-year sales volume forecast to 102 to 105 mmboe, from 102 to 108 mmboe

** STO said its full-year outlook took a hit as delays in commissioning a seawater treatment plant at Pikka, output curtailments following a weather event, and a shutdown of the Kuparuk pipeline after a road accident

** Santos, however, posted third-quarter sales revenue of $2.01 billion from $1.13 billion a year earlier

** Stock up 49.4% this year, including the day's move

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