The Santos Ltd (ASX: STO) share price is down 1.3% in early afternoon trading.Â
The S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $7.01 per share with shares currently trading for $6.92 apiece.
Thatâs largely in line with the wider market, with the S&P/ASX 200 Energy Index (ASX: XEJ) down 1.2% at this same time.
The Santos share price appears resilient today, despite media reports the oil company deceived the public about the severity of an offshore oil spill last March.
What allegations were levelled?
As The Sydney Morning Herald reports, Santos was responsible for some 25,000 litres of oil spilling into the sea off Western Australiaâs Pilbara coast in March 2022.
Santos did not publicly report on the spill at the time.
When the SMH reported on the incident in April, a Santos spokeswoman reportedly called it a âminor spillâ with a ânegligibleâ impact on the environment.
But in a fresh development, which has yet to have a material impact on the Santos share price, an anonymous whistleblower said the oil slick caused the deaths of numerous marine animals, including dolphins.
The informantâs statement was heard at a Senate committee yesterday.
âTens of thousands of litres of oil in the ocean, dead dolphins and sea snakes. How was this negligible?â they said.
âI felt strongly that Santosâ comment was baseless, designed to mislead and avoid accountability,â they added, noting that the company didnât send experts to the site until a week following the mishap.
At the time of writing, Santos has not yet responded to the allegations.
Santos share price snapshot
As you can see in the chart below, the Santos share price is down 2% over the past 12 months.
Longer-term shares in the ASX 200 oil company are up 35% over five years.
At the current price, Santos has a market cap of approximately $23 billion.
The post Santos share price edges lower amid allegations of disastrous deception appeared first on The Motley Fool Australia.
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More reading
- ‘Attractive opportunities’: Fund reveals why 2 ASX 200 shares are its biggest holdings
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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