Woodside, Santos Earnings Power Up on Surging LNG Prices -- Market Talk

Dow Jones03-24

2359 GMT - Surging prices of liquefied natural gas are strengthening cash flow for Woodside Energy and Santos and enabling them to cut debt faster, says UBS. Woodside and Santos are exposed to LNG spot pricing. UBS raises its 2026 forecast for the Japan Korea Marker, a benchmark LNG price in Asia, to US$23.60 per million British thermal units. Previously, it expected a price of US$13.00 per million British thermal units. UBS upgrades its 2026-2027 EPS forecasts for Woodside by 81% and 61%, respectively. For Santos, its 2026-2027 EPS forecasts rise by 71% and 44%. "Our base case assumes a further 2-3 weeks of disruption (until early April) and that flows via the Strait of Hormuz remain severely reduced and that critical energy infrastructure damage will sustain risk premiums for longer," UBS says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 23, 2026 19:59 ET (23:59 GMT)

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