2341 GMT - Santos is expected by Macquarie to post a solid 1Q, including production of 22.2 million barrels of oil equivalent and revenue of US$1.3 billion. Its analysts have raised their production and revenue estimates roughly 3% and 7%, respectively, higher than before. They expect strong Papua New Guinea LNG output, with Angore online, and say Western Australia gas production looks better than their prior forecast, too. They reiterate an outperform rating. Still, the analysts pare their price target on the company's stock by 3.9% to A$8.60, citing "a minor lowering of inclusion factors on several growth projects that may face delays to FID's [final investment decisions] in the current environment." The "U.S. tariff crisis is driving more volatility and ultimately, lower oil prices," they add. Santos last traded at A$5.50. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
April 13, 2025 19:41 ET (23:41 GMT)
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