Slide 1: Santos reports strong base business performance as new production comes online
ASX/Media Release 19 August 2026 Santos reports strong base business performance as new production comes online • Continued strong operating performance with best personal safety result on record, no lost-time injuries and no Tier 1 process safety incidents • First-half production of 45.6 mmboe, up
Slide 2: CEO comments on first half and second-half outlook
Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos was entering the second half from a stronger operating position. “The first half marked an important step forward for Santos. We brought the Pikka project online safely and continued to progress Barossa through commissi
Slide 3: Half-Year Results 2026
HALF-YEAR RESULTS 2026 19 August 2026
Slide 4: Disclaimer and important notice
2026 Half-year results Disclaimer and important notice This presentation contains forward-looking statements that reflect Santos’ expectations at the date of this report (including with respect to Santos’ strategies and plans relating to climate change). These statements are based on management’s cu
Slide 5: Performance Summary
PERFORMANCE SUMMARY
Slide 6: Personal and process safety performance
2026 Half-year results Personal and process safety performance Best personal safety result on record and no Tier 1 process safety incidents Lost time injury rate Loss of containment incident rate1 Tier 1 and 2 Rate per million hours worked Rate per million hours worked Santos LTIR IOGP Global Avg LT
Slide 7: First-half financial highlights
2026 Half-year results 2026 First-half financial highlights Strong dividend maintained through a year of transition $378 million $1.6 billion 45.6 mmboe Free cash flow from operations1 EBITDAX Total production volumes $2.6 billion 11.6 UScps 28.1 per cent Sales revenue Interim dividend declared Gear
Slide 8: 2026: A year of transition
2026 Half-year results 2026: A year of transition Building long-term production and value for shareholders Commissioning Barossa Pikka Darwin LNG Past peak major project capex Safe start-up of As Barossa and Pikka transition to Barossa and Pikka plateau production Project ramp up 300 mscf/d ~23,000
Slide 9: First-half performance summary
2026 Half-year results 2026 First-half performance summary First half production of 45.6 mmboe, up 3 per cent compared to prior half-year Australia PNG Alaska Barossa LNG Agogo Production Facility FID Pikka – production Seven Barossa LNG cargoes loaded in 1H 2026. 12 cargoes FID taken on Agogo Produ
Slide 10: Pikka
2026 Half-year results Pikka First oil achieved and first cargo lifted, with production targeting plateau of 80,000 bbl/d (gross) Pikka production Continuous production mmbbl (STO share) Process systems progressively brought online during ramp up; production currently held pending Seawater Treatment
Slide 11: Papua LNG
2026 Half-year results Papua LNG Tier-1 LNG project with integrated infrastructure, targeting FID in Q4 2026 Multiple Santos value streams Upstream Infrastructure access fee, processing toll, cost sharing and project finance each • Nine production wells, one water injection well, one CO2 injection w
Slide 12: Proven and sustained performance
2026 Half-year results Proven and sustained performance Disciplined low-cost operating model delivering shareholder returns through the cycle Production Dividend Lost time injury rate mmboe 99-105 Cents per share Rate per million hours worked 6 13.4 Santos LTIR IOGP Global Avg LTIR 13 11.6 0.80 8.7
Slide 13: Finance and Capital Management
FINANCE AND CAPITAL MANAGEMENT
Slide 14: First-half financial highlights
2026 Half-year results 2026 First-half financial highlights The disciplined low-cost operating model delivered cash flow, earnings and returns in the first half $2.6 billion $378 million $7.53/boe Sales revenue Free cash flow from operations1 Unit production costs $1.6 billion $377 million 28.1 per
Slide 15: Market pricing
2026 Half-year results Market pricing Realised LNG and oil prices remain strong compared to peers Realised LNG pricing1 LNG Price, US$/mmBtu LNG realised at $10.95/mmBtu 14 Premium oil-linked contracts, high heating value LNG, proximity to Asian markets 12 and flexible contract positions held Santos
Slide 16: Earnings and free cash flow from operations
2026 Half-year results Earnings and free cash flow from operations First-half earnings and cash flow reflect one-off commissioning costs and cargo timing, with production growth ahead Product sales revenue Free cash flow from operations1,2 $ million $ million 3,766 2,967 1,708 2,711 2,579 2,620 2,04
Slide 17: Balance sheet strength
2026 Half-year results Balance sheet strength No debt maturities until September 2027 with second half cashflows expected to support near term de-gearing Drawn debt maturity profile1 Liquidity2 Hedging3 US$ million $3.8b Oil Hedging 2H 2026: 11.5 mmbbl zero cost collars 150 ($67.10/bbl floor, $98.59
Slide 18: Growing free cash flow
2026 Half-year results Growing free cash flow Past peak capex and targeting a lower breakeven and higher Brent sensitivity which together strengthen returns through the cycle Free cash flow breakeven Brent sensitivity US$/bbl US$ million for every $10 Brent above breakeven 82 80 ~50% 73 $550m550.0 t
Slide 19: Growing margins through the decade
2026 Half-year results Growing margins through the decade Disciplined low-cost operating model reducing unit production cost over the decade. The EBITDAX margin has increased by ~30 per cent since 2016 EBITDAX margin versus peers1 / Unit production cost % $/boe Higher margin barrels 90 9 8.45 Advant
Slide 20: Operations Review
OPERATIONS REVIEW a a
Slide 21: LNG: Australia and PNG
2026 Half-year results LNG: Australia and PNG Reliable delivery across Australia and PNG LNG portfolio, with upstream production up 12 per cent 111 cargoes 30.2 mmboe $6.8/boe Shipped in 1H 2026 across Upstream production1, Upstream unit production cost Australia and PNG (gross) up 12 per cent on 1H
Slide 22: LNG: Australia and PNG
2026 Half-year results LNG: Australia and PNG 7.7 Mt (gross) of LNG produced in the first half of 2026, with high reliability across the portfolio Upstream production LNG Produced mmboe (STO) Mt (gross) 30.2 7.4 7.7 27.9 7.3 7.0 7.0 26.8 26.7 27.0 1H22 1H23 1H24 1H25 1H26 1H22 1H23 1H24 1H25 1H26 PN
Slide 23: Australian domestic gas
2026 Half-year results Australian domestic gas Domestic oil and gas operations generated $85 million free cash flow from our disciplined low-cost operating model $85 million 76.4 PJ ~2.3 MtCO2e Free cash flow from operations Sales gas1 Safely and permanently stored in Moomba CCS since start up Weste
Slide 24: Australian domestic gas
2026 Half-year results Australian domestic gas Lower capital intensity, higher-margin business focused on meeting domestic gas contractual obligations and decommissioning commitments Upstream production1,2 Moomba CCS CO2e Stored mmboe (STO) MtCO2e (total operated basis) 35.0 30.0 25.0 20.6 Planned s
Slide 25: Outlook & Strategic Priorities
OUTLOOK & STRATEGIC PRIORITIES
Slide 26: Structural supply gaps in oil and LNG markets
2026 Half-year results Structural supply gaps in oil and LNG markets Demand growth and natural field decline are creating structural supply gaps through the 2040s Asian LNG demand1 Global oil supply-demand2 Mtpa mmbbl/d 500 120 100 400 80 300 60 200 40 100 20 0 0 2026 2030 2035 2040 2045 2050 2026 2
Slide 27: Santos' domestic gas market contribution
2026 Half-year results Santos’ domestic gas market contribution Santos is Australia's second-largest domestic gas supplier; from 2015, the year GLNG exports began, to end 2025, its east coast domestic gas supply has equalled ~26 per cent of its share of GLNG exports East coast domestic market supply
Slide 28: Long-life resource base. LNG-weighted production
2026 Half-year results Long-life resource base. LNG-weighted production 10-year 1P reserves life index, 17-year 2P reserves life index3, 3.2 billion mmboe 2C contingent resource provide strong long-term production base 2P reserves & 2C contingent 1H 2026 Production (%) resources by location (%)1 ~4.
Slide 29: Focus is on major oil and gas tier-1 basins
2026 Half-year results Focus is on major oil and gas tier-1 basins Advantaged infrastructure across three regions, supported by domestic gas and low-cost midstream capability Tier-1 basins – scale, margin, infrastructure advantage Australia PNG Alaska Long-term Beetaloo shale development opportuniti
Slide 30: Strategic priorities
2026 Half-year results 2026 Strategic priorities Focused on driving shareholder returns through the base business and sustainable growth On track and delivering Strategic priorities aligned to Santos’ $45–$50/bbl FCF breakeven target now to 2030 Deliver steady state production from Barossa Safely pr
Slide 31: The Santos value proposition is clear
2026 Half-year results The Santos value proposition is clear Growing free cash flow. Maximising shareholder value High-quality asset base Growing free cash flow Shareholder returns Geographic diverse portfolio of Barossa and Pikka Disciplined capital allocation framework large-scale Tier-1 growth op
Slide 32: Appendix
APPENDIX
Slide 33: First-half financial performance
2026 Half-year results 2026 First-half financial performance 1H 2026 1H 2025 • Higher other operating cost of sales resulting from Barossa & DLNG start-up $million $million including the commencement of DLNG tolling. Higher third-party purchase Total revenue 2,698 2,659 costs, reflecting LNG cargo p
Slide 34: Sales revenue
2026 Half-year results Sales revenue 1H 2026 Product Sales Revenue by Asset 1H 2026 Product Sales Revenue by Product % % 1 7 14 PNG LNG 7 Cooper Basin Upstream Gas & ethane 15 43 Queensland & NSW 18 Crude oil Northern Australia Upstream Condensate/Naphtha 67 18 Western Australia Upstream LPG 10 32
Slide 35: Free cash flow
2026 Half-year results Free cash flow 1H 2026 1H 2025 Lease liability payments are treated as financing cash flows under AASB 16. To $million $million ensure like-for-like comparisons with prior periods, the definition of free cash flow Operating cash flows 827 1,552 reflects operating cash flows le
Slide 36: Significant items
2026 Half-year results Significant items 1H 2026 1H 2025 $ million $million $million Net profit attributable to the owners of Santos Limited 355 439 Add/(deduct) significant items after tax: Impairment losses - 83 Commodity hedges 26 (14) One-off provision 16 - Underlying profit attributable to owne
Slide 37: 2026 guidance
2026 Half-year results 2026 guidance Guidance item 2026 Guidance Production volumes 99 to 105 mmboe Sales volumes 102 to 108 mmboe Total capital expenditure1 ~$1.95 to $2.15 billion Unit production cost $6.95 to $7.45 per boe ~$2,200 million Depreciation, depletion, amortisation2 1. Excludes capital
Slide 38: Liquidity and net debt
2026 Half-year results Liquidity and net debt 30 June 2026 31 December 2025 Liquidity $million $million Cash and cash equivalents 1,129 1,722 Committed (undrawn) bank facilities 2,645 2,545 Total liquidity 3,774 4,267 30 June 2026 31 December 2025 Debt $million $million Bank loans – unsecured Senior
Slide 39: 2026 Half-year segment results summary
2026 Half-year results 2026 Half-year segment results summary Northern Corporate, Australia & Exploration, Cooper Basin Queensland Timor-Leste Western Australia Midstream & Eliminations & 2026 Half-year results summary Upstream & NSW PNG Upstream Upstream Energy Solutions Other Total Santos Product
Slide 40: 2025 Half-year segment results summary
2026 Half-year results 2025 Half-year segment results summary Northern Corporate, Australia & Western Midstream & Exploration, 2025 Half-year results Cooper Basin Queensland Timor-Leste Australia Energy Eliminations & summary Upstream & NSW PNG Upstream Upstream Solutions Other Total Santos Product
Slide 41: Definitions and abbreviations
2026 Half-year results Definitions and abbreviations ACCU Australian Carbon Credit Unit. Each ACCU issued represents one tonne of carbon dioxide equivalent (tCO2e) lost time injury rate The number of lost time injuries (fatalities + lost time injuries) per million work hours (LTIR) carbon capture A
Slide 42: Definitions and abbreviations
2026 Half-year results Definitions and abbreviations Units of measure Conversion factors bbl barrel Sales gas 1PJ = 171,937 boe boe barrels of oil equivalent Crude oil 1 barrel = 1 boe kt thousand tonnes Condensate 1 barrel = 0.935 boe ktCO2e kilotonnes carbon dioxide equivalent (pre-2026) mmbbl mil