Santos Ltd

STO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$45.70	Fcpy	Ycwwtvh

Santos: Robust Performance Means Guidance Is Maintained; Development Projects Advance

Mark Taylor

Oct 19, 2023

Our AUD 12.30 fair value estimate for no-moat Santos stands. We see no longer-term implication in Australia’s second-largest oil and gas producer reporting better-than-expected average third-quarter oil and gas price achievement, only partially offset by marginally lower-than-anticipated production.

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