Santos share price falls 2.8% as Pikka ramp raises oil-price exposure
Santos shares fell 2.8% to A$7.04 Thursday, tracking a 4.3% drop in Brent crude to US$73.74 as supply fears eased in the Strait of Hormuz. Pikka Phase 1 is producing 20,000 barrels per day, with Santos’ 51% share set to rise to 40,800 barrels at plateau. Each US$10 oil price move would shift annualised gross revenue by about US$149 million at full output. Woodside Energy also dropped 2.9%.