SANTOS LIMITED's stock soared 5.13% during intraday trading on Thursday, as investors reacted positively to news of the company's strategic portfolio review and upcoming project milestones.

According to market talk, Macquarie analysts are intrigued by Santos's strategic review of its domestic assets, which could lead to a simpler and more focused portfolio. The company is preparing to bring online its Pikka Phase 1 project in Alaska, following the recent startup of the Barossa natural-gas project in Australia.

Macquarie, which rates Santos at outperform, suggests the review may involve reassessing mature end-of-life assets in Western Australia, potentially leading to divestments that could improve overall margins and returns. This strategic shift, combined with new projects entering service, appears to have driven investor optimism during the trading session.