Santos Cuts 2026 Production Guidance as Commissioning Delays Bite

Santos Ltd., one of Australia's largest oil and gas producers, has narrowed its full-year production guidance for 2026 after commissioning delays at several major projects.

The company now expects to produce between 99-105 million barrels of oil equivalent (mmboe) in 2026, down from a previous range of 101-111 mmboe.

This revised guidance is driven by the fact that commissioning uncertainty at its major growth projects has eased. The company's second-half output is expected to be roughly 20-30% higher than the first half of 45.6 mmboe.

The Barossa gas field, which supplies gas to the Darwin LNG plant, is operating at about 97% of planned production rates, with cargoes loading every eight days.