0018 GMT - Santos's capex guidance for 2025 comes as a bit of a shock to Citi. The Australian energy company has signaled sustaining capex of US$1.2 billion-US$1.3 billion this year, with similar guidance for spending on major projects. Citi had expected combined capex of US$1.73 billion, given Santos completed the commissioning of wells at the Angore gas deposit in Papua New Guinea in 2024. Santos's guidance "suggests the capital intensity of the base business is higher than we had expected," analyst James Byrne says. Citi retains a buy call on Santos, which is up 0.6% at A$7.17. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 22, 2025 19:18 ET (00:18 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.