Fund managers including L1 Capital, Oracle Advisory Group, Firetrail Investments, Pendal Group, Milford Asset Management, Prime Value Asset Management, Maple-Brown Abbott, Wilson Asset Management, Tyndall Asset Management, Harvest Lane Asset Management, Ellerston Capital, Ten Cap, Collins St Asset Management, Australian Eagle Asset Management, Airlie Funds Management, Perennial Partners, Lowell Resources Funds Management , Investors Mutual Limited, Acorn Capital, Datt Capital, Cerutty Macro Fund, Blackwattle Investment Partners, Equity Trustees Asset Management, Sage Capital, Leithner & Company, Quest Asset Partners, Greencape Capital, Antares Capital and First Samuel have invested in Santos Ltd (ASX:STO).

L1 Capital sees the ADNOC and Carlyle consortium bid as confirmation of a large gap between Santos' share price and intrinsic value. Pendal highlights disciplined cost management and two major growth projects, Barossa and Pikka, ramping up toward targets, while Milford believes Strait of Hormuz disruption risk keeps the energy sector's risk-return attractive.

Pendal notes some teething issues as the growth projects ramp up, and Collins St trimmed oil and gas exposure amid heightened volatility linked to US-Iran tensions. Milford observed the shares fell alongside Woodside when oil prices declined.

Santos Ltd. is an Australian energy company founded in 1954 and headquartered in Adelaide. The firm specializes in the exploration, development, transportation, and marketing of natural gas. Santos operates through five key geographic segments: Cooper Basin, Queensland and New South Wales, Papua New Guinea, Northern Australia and Timor-Leste, and Western Australia. As a significant player in the energy sector, Santos manages diverse assets across these regions to support its gas production and distribution operations globally.