Sydney, Feb 24, 2026, 18:36 AEDT — Market closed.
- Santos shares closed up 0.4% on Tuesday after sliding in the prior session
- Stock went ex-dividend on Monday for a US$0.103 final payout
- Oil hovered near seven-month highs, keeping energy names in play
Santos Limited shares ended 0.4% higher at A$6.81 on Tuesday, snapping back after the prior session’s slide as investors repositioned around dividends and tracked firmer crude. (Reuters)
The stock traded ex-dividend on Monday for a final dividend of US$0.103 a share, meaning new buyers from that date do not qualify for the payout. The record date was Tuesday and the payment date is March 25, a dividend notice showed. (Com)
Oil did some of the heavy lifting in the background. Brent rose 0.7% to $71.97 a barrel and U.S. crude gained 0.7% to $66.76, with traders weighing U.S.-Iran tensions and a fresh bout of uncertainty around U.S. trade policy. “Geopolitics is clearly doing most of the heavy lifting,” Phillip Nova senior market analyst Priyanka Sachdeva said. (Reuters)
Local peers helped the tone too. Woodside Energy shares closed 2.6% higher after it posted a smaller-than-expected fall in annual profit and said it expects to name a new CEO in the first quarter, while it pursues talks to sell down part of its Louisiana LNG project. (Reuters)
Santos still carries its own questions into the new week. The company last week flagged a 10% headcount cut and a strategic review of its Australian integrated oil and gas portfolio after a profit miss, and said a technical issue delayed ramp-up at the Barossa LNG project. “The market is currently putting zero value on these assets,” said Dale Koenders, head of energy research at Barrenjoey. (Reuters)
The dividend timetable also muddied the tape. Santos shares fell about 2.3% on Monday to A$6.78 when they first traded without the dividend entitlement, before clawing back some ground a day later. (Australian Securities Exchange)
For traders, the near-term story remains simple enough: crude sets the mood, and energy equities follow. Santos has gas-heavy exposure, but price expectations still tend to swing with global oil benchmarks and risk sentiment.
But the oil bid can fade as quickly as it shows up. Goldman Sachs raised its fourth-quarter oil forecasts, while still projecting a 2026 surplus and warning of downside if any sanctions relief for Iran or Russia unlocks more supply. (Reuters)
The next hard catalyst is Thursday’s round of U.S.-Iran talks in Geneva, which Oman said it is mediating — a date traders have started treating as the hinge for the Middle East risk premium. (Reuters)
