Santos (ASX: STO) performing well after 4th qrt production
Stock
Santos (ASX: STO) $6.24 as at 24/01/2019
Event
The oil & gas name has rallied, well outperforming its peers following a meet / beat in the 4th quarter production numbers printed this morning.
While Origin (ASX: ORG) & Oil Search (ASX: OSH) trade around 1% higher today, Santos is leading the charge on the ASX200 (ASX: XJO) index with an over 4% rise.
Production numbers were in line with the previous quarters as well as providing production guidance for 2019 which beat many analyst expectations.
The December quarter did receive a small bump which supported production numbers, ensuring the figures do look better than expected. Santos completed the purchase of Quadrant Energy in late November, with many analysts not including the new asset in their figures at the time.
The market will now turn to the company’s full year result due out in late February which will provide a better read through of the Quadrant purchase, as well as cost and capex guidance for the year ahead. So far though, no surprises here which the market always takes a liking to.
Santos (ASX: STO) Chart
Market Matters Take/Outlook
