Sydney, June 12, 2026, 07:02 AEST
- Santos ended the session at A$8.07, gaining 2.02%. The stock moved between A$7.99 and A$8.13.
- ASX energy stocks beat a softer broader market, driving the stock’s move.
- Focus is still on Santos as investors watch the Pikka oil ramp-up and the company’s debt-reduction plan.
Santos Limited (ASX:STO) finished the session at A$8.07, up 16 cents or 2.02%. Shares traded close to their 52-week high of A$8.24. According to Google Finance, Santos opened at A$7.99, reached A$8.13 during the session, and traded 10.78 million shares. The energy producer’s market cap stood at about A$26.21 billion.
Australian shares slipped with the S&P/ASX 200 down 20.10 points, or 0.23%, at 8,633.20. The All Ordinaries lost 0.23% to finish at 8,836.70. Energy names like Santos, Woodside and Ampol bucked the move, with oil prices still the sector’s main focus, traders said.
Santos shares rose as traders looked back to oil-linked names after choppy trading in crude. Brent futures settled down 2.9% at US$90.38 a barrel, Reuters said, after U.S. President Donald Trump called off planned strikes on Iran. West Texas Intermediate dropped 2.6% to US$87.71. The Strait of Hormuz, which ships around 20% of global oil and gas, stayed in focus for energy markets as supply risk stuck in the headlines.
Santos shares extended their recent recovery, with the stock at A$8.07, according to Intelligent Investor. That’s up 3.33% from A$7.81 a week ago. The data shows Santos is up 27.99% for 2026 after sliding 7.50% last year.
Santos’ Alaska plan is still in focus. Santos and Repsol began pumping oil from the Pikka project in May. Repsol says the site should hit a gross production plateau of 80,000 barrels of oil a day in the third quarter. Santos runs the project and holds 51% ownership. Repsol owns 49%.
Santos Managing Director and CEO Kevin Gallagher told Alaska Business Magazine that Pikka demonstrated the company could develop the resource “safely, responsibly, and efficiently.” Gallagher also said Santos is making drilling improvements that “save time and cost.” Alaska Business Magazine
Santos is shifting its capital plans. Reuters said in late May the company wants to cut net debt by US$2.5 billion by 2030 and will zero in on LNG and oil in Alaska, Papua New Guinea and Australia. Mark Gardner, MPC Markets founder and CEO, said it’s “a disciplined reset from Santos and the right move.” Reuters
