Santos is often considered by investors as an oil/energy play but in 2022 its revenue showed it to be far more of an LNG stock i.e. crude oil 14%, gas & ethane 16%, and 61% from LNG. At this stage MM would prefer to have oil, and indeed uranium, for energy exposure as opposed to LNG especially since the recent uncertainty created with Japan.
- We have spent most of the last 12 months bearish toward STO given their large requirement for capital, this has migrated to a more neutral stance over recent months but we are not buyers.
MM remains neutral toward STO
Add To Hit List
