Sydney, Feb 24, 2026, 18:36 AEDT — Market closed.
- Santos shares edged 0.4% higher on Tuesday, recovering slightly after dropping in the previous session.
- The stock traded ex-dividend Monday, with a final payout of US$0.103.
- Oil prices stuck close to seven-month peaks, keeping energy stocks in focus.
Santos Limited climbed 0.4% to close at A$6.81 on Tuesday, rebounding after Monday’s drop. Investors shifted positions on dividends and watched crude oil prices strengthen.
The stock went ex-dividend on Monday, dropping eligibility for the final US$0.103 per share payout for anyone buying from that day forward. Tuesday served as the record date, with the dividend set for payment on March 25, according to the notice.
Oil prices put in some quiet work. Brent picked up 0.7% to settle at $71.97 a barrel, with U.S. crude also up 0.7% at $66.76. Traders watched U.S.-Iran friction and new uncertainty on U.S. trade policy. “Geopolitics is clearly doing most of the heavy lifting,” said Phillip Nova’s Priyanka Sachdeva, senior market analyst. Reuters
Support also came from domestic names. Woodside Energy jumped 2.6% at the close, buoyed by an annual profit drop that wasn’t as steep as some had feared. The company aims to announce its next CEO in the first quarter, and discussions continue around selling a stake in its Louisiana LNG venture.
Santos heads into the week with uncertainty hanging overhead. After missing profit expectations last week, the group announced plans to cut about 10% of its workforce and launched a strategic review of its Australian integrated oil and gas business. A technical snag at the Barossa LNG project has also slowed progress there. “The market is currently putting zero value on these assets,” said Dale Koenders, head of energy research at Barrenjoey. Reuters
The dividend schedule threw another wrinkle into the mix. Santos dropped roughly 2.3% to A$6.78 on Monday, the first session the stock went ex-dividend, but managed to recover part of those losses the following day.
Traders aren’t looking far right now; crude prices call the shots, and energy shares like Santos move in step. While Santos leans heavily on gas, its stock still reacts to shifts in global oil benchmarks and changing risk appetite.
The oil bid doesn’t always stick around. Goldman Sachs has upped its fourth-quarter price outlook, yet the bank is still looking for a surplus in 2026 and flags potential downside if sanctions on Iran or Russia ease, opening the door to extra barrels.
Traders are now zeroed in on Thursday, when U.S.-Iran negotiations kick off in Geneva, with Oman stepping in as mediator. That meeting has fast become the key marker for Middle East risk premiums.
