Image source: © 2025 Krish Capital Pty. Ltd.
Highlights
- In H1 FY25, STO’s production costs decreased 8.78% YoY to USD 343.00 Mn.
- BW Opal FPSO for Barossa LNG project received first gas, with five of six wells producing ~300 million scf/day.
- Santos expects production to increase by about 30% by 2027 from Barossa LNG and Pikka Phase 1.
Santos Limited (ASX:STO), founded in 1954 and based in Adelaide, is an Australian oil and gas company. It explores, produces, and supplies natural gas and LNG in Australia, Papua New Guinea, Timor-Leste, and the United States.
In the first half of the financial year 2025 (H1 FY25), the company has reported total revenue of USD 2,659.00 mn, compared to USD 2,780.00 mn in H1 FY24, recording a drop of -4.35%. The revenue declined due to market demand and pricing conditions for oil and LNG. Production costs reached USD 343.00 mn in H1 FY25. Underlying profit dropped nearly 22.32% to USD 508.00 mn, compared to USD 654.00 mn in previous corresponding period.
Business Update
On 22 September 2025, the company said the BW Opal FPSO for the Barossa LNG project received first gas and started production, with five of six wells tested delivering about 300 million standard cubic feet per day. The Northern Territory authority renewed the Darwin LNG plant’s licence for start-up.
On 18 September 2025, the company said the XRG Consortium, led by Abu Dhabi National Oil Company with Abu Dhabi Development Holding Company and Carlyle, withdrew its non-binding proposal to acquire 100% of Santos after no agreement was reached on terms with the Board.
Business Outlook
Santos expects production to increase by about 30% by 2027 from Barossa LNG and Pikka Phase 1, with Barossa over 98% complete and first oil from Pikka targeted in Q1 2026. Pikka progress includes 21 wells and key infrastructure. The company is aiming for USD 150 mn cost savings in 1–2 years through efficiency measures. Its focus remains on sustaining assets, growth options, and decarbonization, supported by CCS hubs like Moomba.
Share Performance of STO
STO stock closed 0.30% higher at AUD 6.760 per share on 24 September 2024. Over the past year, the share price fell 4.78%, down 10.7% in the last three months, but up 1.65% in the past six months. The 52-week high of STO is AUD 8.060, recorded on 27 August 2025, and the 52-week low is AUD 5.200, recorded on 7 April 2025.
Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 24 September 2025. The reference data in this report has been partly sourced from EODHD/Others.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.






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