Santos (ASX:STO) Lowers 2026 Output Target, Shares Still Seen Cheap
July 25, 2026, 11:13 PM EDT. Santos (ASX:STO) cut its 2026 production target to 99-105 million barrels of oil equivalent, down from the previous 101-111 MMboe. The update comes as the Barossa and Pikka projects move forward. Santos has climbed 13.21% in the past month and is up 29.59% year-to-date. Analysts see the stock about 10.3% undervalued, pegging fair value at A$8.89, above the last close of A$7.97. ADNOC's A$36 billion failed takeover attempt put a spotlight on Santos' LNG and gas business. Execution and approvals still raise risk. Investors shouldn't put all their energy bets on Santos alone.
