Santos' (ASX:STO) results for 2025 was well guided with no major surprises, but lack details on future growth projects, Jarden Research said in a note Wednesday.

On Wednesday, the company reported underlying earnings of $0.277 per share and revenue of $4.94 billion for the 12 months ended Dec. 31, 2025.

It also reaffirmed its 2026 production guidance of 101 million barrels of oil equivalent (mmboe) to 111 mmboe and total capital expenditure guidance of about $1.95 billion to $2.15 billion.

The company's earnings before interest, taxes, depreciation, amortization and exploration expenses of $3.39 billion missed expectations of $3.52 billion, while its final dividend of $0.103 per share beat expectations of $0.091 per share, Jarden noted.

Jarden believes that the company's goal to conduct a strategic review of its Australian integrated oil and gas portfolio will be in focus and may lead to potential divestment.

The firm expects the announced 10% reduction in headcount to lift investor confidence as it would lower operating cost guidance.

Jarden reaffirmed an underweight rating on the company and a AU$6 price target.

Shares of Santos fell 2% in recent Wednesday trade.