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The Motley Fool Australia

Santos posts A$1,349 million Q2 sales revenue as Barossa hits 97% and Pikka starts up

AI Market Summary
Santos posted stronger Q2 metrics with revenue up 6% q/q and production up 3%, supported by higher realised LNG pricing and ramp-ups at Barossa (97% of planned rates) and initial Pikka output. Management narrowed full-year production guidance and flagged materially improved H2 free cash flow as commissioning/timing headwinds reverse and volumes rise. The update signals improved operational visibility and near-term cash generation momentum.
Impact level
● Medium
Affected assets
STO/USDT+0.58%
AI Insight · STO/USDTAI Insight
▲ Bullish
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Santos (ASX: STO) reported Q2 FY2026 sales revenue of A$1,349 million, up 6% quarter on quarter, as production rose 3% to 23.1 million barrels of oil equivalent. Realised LNG pricing increased to $11.21 per mmBtu. Barossa reached 97% of planned production rates and Pikka Phase 1 brought its first oil wells online. The company narrowed full-year production guidance to 99–105 mmboe and said free cash flow is expected to improve markedly in H2.
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