“Santos (STO) delivered a steady operational result, while reporting a bumper cash flow performance, with calendar year (CY) 2022 free cash flow (FCF) of US$3.6 billion,” Raymond said.

“Gearing is down to a comfortable 18.7%/

“STO is positioned to flex its cash dividends and buybacks.

“Group production and revenue for CY 2022 came in close to consensus expectations.

“We maintain an ADD rating, with a revised A$8.75 target price,” Raymond said.

Santos (STO)

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