Oil & Gas: Value on offer wanes in big oils

About the author:

Adrian Prendergast
Author name:
By Adrian Prendergast
Job title:
Senior Analyst
Date posted:
09 August 2023, 7:00 AM
Sectors Covered:
Mining, Energy

  • Over the last 12-months Woodside Energy Group (ASX:WDS) (+21%) and Santos (ASX:STO) (+12%) have both posted market-beating gains despite the oil price steadily losing ground over that time (-11%).
  • WDS selling down a 10% non-op stake in Scarborough does little to shift project risk but will help inject some extra capital into its balance sheet.
  • We preview both WDS and STO’s upcoming 1H’CY23 results. Expecting both to maintain solid group margins and healthy interim dividends.
  • We maintain a Hold rating on WDS, while lowering STO to Hold (from Add) following recent share price strength.

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