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Santos (ASX:STO) has shrugged off its April stock price plummet as the side effect of a “challenging” environment – and claims to have injected 685,000 tonnes of “CO2-equivalent” at its Moomba Carbon Capture and Storage (CCS) project.
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Let’s start with the stock price action. Shares were up +2.7% to $5.64/sh in early afternoon Thursday trades, with one-week performance reflecting +5.6% returns.
Growth on the year-to-date metric, however, shows a different story – STO shares are down nearly -16% since January 1 and nearly -27% year-on-year.
Trump’s implementation of global tariffs, like most other companies, hit the share price harder than anything Santos on its own could have done. That would be a shame for shareholders, surely – the stock price jumped in January of this year as a court basically greenlit the company’s NT Barossa gas play.
(That was a second court win for the company after the ‘Crocodile Man‘ debacle involving a now-infamous case involving the Environmental Defenders’ Office.)
At any rate, with that market decline now firmly visible on the charts, STO chief Kevin Gallagher was quick to reassure on Thursday.
“Whilst the current market environment is challenging, our focus in 2025 remains clear: operating our base business safely and reliably, bringing our development projects online within guidance and staying focused on cost of supply,” Gallagher said.
“When the Barossa and Pikka projects come online, production is expected to increase by more than 30 per cent by 2027.”
Santos also claims to have injected nearly 700,000 tonnes of “CO2-equivalent” underground at Moomba.
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STO last traded at $5.67 a share after jumping 3.3%.
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