** Citi forecasts increased stay-in-business capital expenditure by 2030 for Santos' STO.AX Cooper Basin project and higher production for its piped natural gas (PNG) portfolio
** Brokerage retains "buy" rating and PT of A$7.6
** Australia's second-largest independent gas producer sees fiscal 2025 output of 90 to 97 million barrels of oil equivalent (mmboe)
** Citi expects FY25 output of 94.7 mmboe, in the top half of company's outlook
** Adds higher depreciation & amortisation and capex to lower earnings in the near term
** Citi also sees a stronger outer-year production in PNG offsetting higher capex
** Thirteen of 14 analysts rate the stock "buy" or higher, one rates "hold"; their median PT is A$7.9, according to data compiled by LSEG
** Santos rose 6.7% so far this year as of last close, outperforming a 4.3% gain on the ASX Energy index .AXEJ
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))
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