Natural gas producer Santos Ltd (ASX: STO) is one of few S&P/ASX 200 commodity players on the gains list at the time of writing, with its share price up 1.5% to $6.15.
With many commodity stocks in the red today Santos’ surge is likely related to an announcement its PNG LNG project joint venture has signed a mid-term sales agreement with PetroChina for the supply of LNG commencing this month.
Santos has a 13.5% interest in PNG LNG.
Santos also released its quarterly activities report yesterday with highlights including Cooper Basin gas and oil production up 8% and 17% respectively, with overall second quarter production up on the prior quarter, albeit only marginally.reportreport
The Santos board will consider a return to dividends that are “sustainable through the oil price cycle” with details to come when its interim report is handed down next month.
As Santos shares hold their value Woodside Petroleum Limited (ASX: WPL) shares are also up marginally to $34.32, with Oil Search Limited (ASX: OSH) also on the rise by 1.4% to $8.69 at the time of writing.
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