Sydney, Feb 10, 2026, 17:09 AEDT — Market closed
- Santos ends down 0.1% after swinging between A$6.94 and A$7.03
- Oil prices drift lower, with traders watching Middle East shipping risks
- Investors turn to Santos’ full-year results due Feb 18
Santos Ltd (ASX:STO) shares edged lower on Tuesday, ending down 0.14% at A$6.94 after the broader market closed, as traders weighed softer crude prices against a heavy week of corporate results. The stock opened at A$7.00 and traded between A$6.94 and A$7.03, with about 13.1 million shares changing hands, market data showed. Larger rival Woodside Energy (ASX:WDS) finished up about 0.35% at A$25.93. 1
The small move still matters because Santos is heading into a key checkpoint for the year. The company is due to release its full-year 2025 results on Wednesday, Feb. 18, according to its investor calendar, with investors looking for updates on cash returns, capital spending and project timing. 2
Oil set the tone for the sector again. Brent crude was down 0.26% at $68.85 a barrel in early Asian hours, after the United States issued guidance for vessels transiting the Strait of Hormuz, keeping attention on Washington-Tehran tensions. “Lingering uncertainty … has kept a modest risk premium intact,” Tony Sycamore, an analyst at IG, wrote in a note. 3
Supply signals are pulling in both directions. OPEC output fell by 60,000 barrels per day in January to 28.34 million bpd, a Reuters survey found, while the wider OPEC+ group paused its monthly output increases for the first quarter amid concerns about a supply glut. 4
For Santos, the bigger debate is what 2026 looks like once two long-watched projects move from build to cash generation. In late January, the company forecast 2026 production of 101 million to 111 million barrels of oil equivalent — a standard measure that combines oil and gas output — up from 87.7 million in 2025, driven by the Barossa gas field and its Pikka oil project in Alaska. Citi analyst Tom Wallington said the Barossa milestone could “allay investor concerns” about commissioning risk, after Santos confirmed its first cargo was being loaded for delivery to Japan and said Pikka Phase 1 was 98% complete, with first oil expected by end-March. 5
That leaves the stock trading more on expectation than on new headlines, at least for now. The Feb. 18 statement is likely to draw questions on how quickly Barossa can lift volumes through Darwin LNG, and whether Pikka’s ramp-up stays on schedule as costs settle.
Tuesday’s tape was also shaped by the wider market mood. The ASX 200 closed slightly lower as investors digested early reporting-season news, with attention shifting quickly from macro swings to company-specific earnings risks. 6
But there are ways this week can break against energy names. Oil can swing hard if Middle East risks fade or flare, and any shift in supply discipline from major producers could push prices in either direction. Execution risk still sits over big projects too — delays, commissioning problems or cost creep tend to hit producers fast.
For the next session and into next week, traders will keep one eye on crude and the other on Santos’ Feb. 18 results, where guidance, dividend signals and any fresh detail on Barossa cargoes and Pikka first oil are likely to set the next move.
