It’s hard to watch this stock grind lower over the last few days...

It’s hard to watch this stock grind lower over the last few days against the backdrop of oil hovering above US$80 a barrel and posting solid daily gains, coupled with the ASX nearing record highs. STO is a perennial under performer and Kevin Gallagher’s tenure has delivered little in the way of value for investors. He stubbornly opposed the Woodside merger believing that that the price on offer did not reflect the true value of the company, yet he has done little if anything to materialise his perceived value apart from peddling rhetoric about initiatives to deliver greater value to investors. The whole is usually greater than the sum of the parts. In the case of Santos, this may not be true and if M&A is not on the horizon, then perhaps value could be delivered to investors by splitting up and divesting of individual assets.