Santos Limited · ASX:STO
Santos — Investor Day (May 2026)
82 slides from Santos's investor day presentation, May 26, 2026
Slide 1: Focus on tier-1 basins. Growing free cash flow. Delivering shareholder returns.
Focus on tier-1 basins. Growing free cash flow. Delivering shareholder returns. 2026 Investor Briefing Day 26 May 2026
Slide 2: Agenda/Speakers
2026 Investor Briefing Day Agenda/Speakers Session one Session two Opening Oil & LNG Growth Hubs 01 09:00am Kevin Gallagher, Managing Director and Chief Executive Officer 06 10:40am Bruce Dingeman, EVP and President Alaska Brett Darley, Chief Operating Officer Australia and PNG Upstream O&G Finance
Slide 3: Disclaimer and important notice
2026 Investor Briefing Day 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’
Slide 4: Introduction
INTRODUCTION 01 02 03 04 05 06 07 08 09
Slide 5: Strait of Hormuz disruption
2026 Investor Briefing Day Strait of Hormuz disruption A structural shift in global LNG and oil supply has implications for energy security and market stability over the longer term What happened Market impact1 150 Dated Brent ($/bbl) Qatar LNG Exports 125 Global oil supply impacted2 100 Halted 75 ~
Slide 6: Our growth strategy
2026 Investor Briefing Day Our growth strategy Low Carbon • Develop new low carbon fuels as energy markets and customer Fuels demand evolve • Build scale through disciplined development of fewer, larger-scale oil and gas upstream basins Build • Leverage and grow advantaged infrastructure footprint a
Slide 7: Operations update
2026 Investor Briefing Day Operations update Strong, reliable base business delivering as Barossa and Pikka phase 1 come online Australia PNG Alaska First oil from Pikka phase 1 with oil flow through the Barossa online and ramping; each of the six wells Santos operated fields provided 14 per cent of
Slide 8: A decade of transformation and growth
2026 Investor Briefing Day A decade of transformation and growth Capital discipline transformed Santos into a portfolio of three tier-1 assets, doubling production and significantly reducing unit cost Disciplined low-cost operating model Unit production cost reduced by Cost discipline 30 per cent fr
Slide 9: Santos' portfolio of tier-1 assets
2026 Investor Briefing Day Santos’ portfolio of tier-1 assets Three tier-1 assets underpinned by material low-cost growth, long development runway and exposure to diversified attractive markets Alaska PNG Tier-1 super basin Portfolio transformation Tier-1 province with material growth opportunities
Slide 10: A reserves base built for value
2026 Investor Briefing Day A reserves base built for value High-quality reserve base delivering decades of premium returns, 70 per cent of proved reserves developed 3 Diverse Reserves 2016 2026 & Resource Base3 160% Replacement of Developed Proved plus Probable Reserves YE16–YE25 Australia 4,696 Ala
Slide 11: Focus is on major oil and gas tier-1 basins
2026 Investor Briefing Day 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 opportu
Slide 12: Shareholder returns and growth
2026 Investor Briefing Day Shareholder returns and growth Consistent strategy, driving the disciplined low-cost operating model, low breakeven, and strong cash flow generation Disciplined operating model Capital allocation framework Continues to underpin how we operate Balances sustainable sharehold
Slide 13: Australian domestic O&G strategic review outcome
2026 Investor Briefing Day Australian domestic O&G strategic review outcome Lower capital intensity, higher-margin business focused on meeting domestic gas & decommissioning commitments Investment prioritised in the Central Area with Browse Basin cumulative capex reductions of ~$300 million from Bed
Slide 14: LNG and oil development opportunity pipeline
2026 Investor Briefing Day LNG and oil development opportunity pipeline Development pipeline across three regions, funded within disciplined allocation framework – from near-term development to exploration1 Australia PNG Alaska Pikka Beetaloo Appraisal of multi-tcf opportunity to support GLNG, Conve
Slide 15: Returns-led production growth, FCFBP target $45–50/bbl
2026 Investor Briefing Day Returns-led production growth, FCFBP target $45–50/bbl Increasing production by 25 to 30 per cent1 at ~4 per cent CAGR to 2035, within a $45-50/bbl all-in free cash flow break even Production by region2 Santos share, 2025 to 2035 (mmboe) 2030+ growth outlook and optionalit
Slide 16: Highest cash flow per barrel
2026 Investor Briefing Day Highest cash flow per barrel Santos is a global leader in cash flow margin generation per barrel 2026–2040 Cash flow per barrel peer benchmarking1 Stronger cash generation $/boe Barossa and Pikka bring higher- 25 margin barrels online from 2026 (2026–2040) 20 High-value ba
Slide 17: Increased cash flows enable rapid de-gearing
2026 Investor Briefing Day Increased cash flows enable rapid de-gearing De-gearing rapidly, at $75/bbl net debt reduces by ~$2.5 billion by 2030, with FCFBP target of $45–50/bbl and a minimum of 60 per cent returned to shareholders Net Debt and Gearing1 $ million % 6,000 35 Target net debt reduction
Slide 18: The Santos value proposition is clear
2026 Investor Briefing Day 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 large- Barossa and Pikka phase 1 Disciplined capital allocation framework scale tie
Slide 19: Finance
FINANCE 01 02 03 04 05 06 07 08 09
Slide 20: Shareholder returns and growth
2026 Investor Briefing Day Shareholder returns and growth Consistent strategy, driving the disciplined low-cost operating model, low breakeven, and strong cash flow generation Disciplined operating model Capital allocation framework Continues to underpin how we operate Balances sustainable sharehold
Slide 21: Capital allocation framework $45–50/bbl
2026 Investor Briefing Day Capital allocation framework Providing strong returns, through the cycle, underpinned by a strong investment grade balance sheet and cost discipline Cost discipline Balance sheet strength Returns to shareholders $45–50/bbl 15–25% ≥60% FCFBP gearing payout Backfill and grow
Slide 22: Strong balance sheet
2026 Investor Briefing Day Strong balance sheet Positioned to remain resilient and support long-term value through the commodity price cycles with an investment grade balance sheet Net Debt and Gearing1 Drawn debt maturity profile $ million % $ million 6,000 35 Liquidity2 1200 Target net 30 $4.3 bil
Slide 23: Sources and uses of cash
2026 Investor Briefing Day Sources and uses of cash Positioning for growth through balance sheet strength, ability to fund development projects from the balance sheet Sources and uses at $75/bbl 2026–2030, $ billion Funding future growth 20 Free cash flow breakeven of $45–50/bbl, with phased executi
Slide 24: Growing margins through the decade
2026 Investor Briefing Day Growing margins through the decade EBITDAX margin has expanded as unit production cost has fallen. The EBITDAX margin has increased by 46 per cent over 10 years EBITDAX margin versus peers1 / Unit production cost % $/boe Lower unit cost 90 8.45 9 Higher and advantaged barr
Slide 25: Market Outlook
MARKET OUTLOOK 01 02 03 04 05 06 07 08 09
Slide 26: Oil and gas meets half of global energy demand
2026 Investor Briefing Day Oil and gas meets half of global energy demand Global energy demand continues to rise to 2040 and beyond. Asia Pacific accounts for more than 55 per cent of demand growth to 2040 Global energy demand by region1 Global energy demand by source1 EJ ~20 per cent EJ 800 Growth
Slide 27: Asia is the growth engine of global LNG demand
2026 Investor Briefing Day Asia is the growth engine of global LNG demand Global LNG demand grows by more than 60 per cent by 2040. Asia accounts for three-quarters of total growth Global LNG demand and supply1 Asia LNG demand growth1 Mtpa Mtpa 800 800 600 600 400 400 200 200 0 0 2026 2030 2035 2040
Slide 28: Oil demand resilient with looming supply gap
2026 Investor Briefing Day Oil demand resilient with looming supply gap Petrochemicals, aviation and emerging Asia sustain oil demand through the 2040s Global oil supply-demand1 Asia oil demand by country1 mmbbl/d mmbbl/d 120 50 100 40 80 30 60 20 40 10 20 0 0 2026 2030 2035 2040 2045 2050 2026 2030
Slide 29: Santos supply hubs have a strategic advantage
2026 Investor Briefing Day Santos supply hubs have a strategic advantage Geography and geopolitics are strategic advantages for Santos’ oil and LNG supply hubs in Alaska, Papua New Guinea and Australia Geopolitically secure supplier to North Asia Energy security is a growing priority for premium Nor
Slide 30: Marketing & Trading
MARKETING & TRADING 01 02 03 04 05 06 07 08 09
Slide 31: Premium pricing across products
2026 Investor Briefing Day Premium pricing across products Santos’ unique differentiators delivering industry-leading pricing through the 2030s Barossa and PNG LNG Australian Liquids Australian LPG ANS Crude2 >$1.50/mmBtu ~$8/bbl ~$50–100/Mt ~$5–20/bbl Average premium to total FOB premium 2026 YTD t
Slide 32: Advantaged LNG portfolio
2026 Investor Briefing Day Advantaged LNG portfolio Santos’ delivers optimal LNG to premium Asian buyers. Right quality · Right location · Right specification Global supply of high heating value LNG2 LNG supply, Mtpa, % high heating value 900 35% 800 30% 700 25% 600 500 20% Approximate days 400 15%
Slide 33: Realised LNG pricing premium
2026 Investor Briefing Day Realised LNG pricing premium ~14.6 per cent average portfolio Brent slope equivalent in 2025, a structural pricing premium to LNG peers Contracted LNG volumes by buyer country1 Realised LNG pricing3 LNG volume contracted, Mtpa LNG price, $/mmBtu 6 16 5 4 14 3 2 12 1 0 10 2
Slide 34: Equity marketing delivering value
2026 Investor Briefing Day Equity marketing delivering value Equity marketed LNG supply, enabling portfolio marketing and optimisation to deliver tangible value to shareholders Santos LNG contracted volume mix1 % contracted volume Premium pricing 100% ~14.6% Average realised slope to Brent in 2025 P
Slide 35: Strong demand for crude into Asia
2026 Investor Briefing Day Strong demand for crude into Asia Strong demand and pricing for Santos’ Alaskan crude volumes into Asia Asia crude oil imports from the US1 % share by country Peak ANS premium 100% ~$20/bbl over Brent in 20262 75% ~30–32° High diesel and jet yields, preferred by complex As
Slide 36: Reserves and Resources
RESERVES AND RESOURCES 01 02 03 04 05 06 07 08 09
Slide 37: Resource depth around existing infrastructure
2026 Investor Briefing Day Resource depth around existing infrastructure Three growth hubs. 10-year 1P reserves life index, 17-year 2P reserves life index1, 3.2 billion 2C contingent resource to sustain and grow the business over the long term Australia PNG Alaska mmboe mmboe mmboe Oil & Condensate
Slide 38: Capitally efficient reserves replacement
2026 Investor Briefing Day Capitally efficient reserves replacement 1P reserves life index maintained at peer-leading levels through production growth Reserves life index in the efficient zone 1P Reserves Life Index1,2 (Years) Top end of global peers 18 Santos 1P reserves life: ~10 years. Top end wi
Slide 39: Replacement cost trending down
2026 Investor Briefing Day Replacement cost trending down Portfolio transition underway, supported by depth in advantaged resource portfolio Organic 2P Developed Reserve Replacement Unit Cost1,2 $/boe Advantaged portfolio 20 Transitioning investment to higher quality tier-1 assets 16 Internal compet
Slide 40: Break
Santos BREAK
Slide 41: Developing large scale basins to support backfill and growth across Oil & LNG Hubs
2026 Investor Briefing Day Developing large scale basins to support backfill and growth across Oil & LNG Hubs Development pipeline across three regions, funded within disciplined allocation framework – from near-term development to exploration1 Australia PNG Alaska Pikka Beetaloo Appraisal of multi-
Slide 42: Oil & LNG Growth Hubs Underpinned by Large Scale Tier-1 Basins
OIL & LNG GROWTH HUBS UNDERPINNED BY LARGE SCALE TIER-1 BASINS 01 02 03 04 05 06 07 08 09
Slide 43: Operational updates
2026 Investor Briefing Day Operational updates Reliable base business performance, with Barossa ramp-up strengthening Santos’ LNG portfolio Australian Domestic Oil & Gas Australia LNG PNG LNG Cooper WA offshore gas GLNG Barossa / DLNG PNG LNG Status Producing Producing Producing Commissioning Produc
Slide 44: Barossa / Darwin LNG – project update
2026 Investor Briefing Day Barossa / Darwin LNG – project update Barossa at 70 to 75 per cent of planned rates; plateau targeted mid-2026 Production restart PRISM Brilliance completed cargo loading at Darwin LNG following FPSO return to production Current production rate FPSO presently operating at
Slide 45: Barossa / Darwin LNG
2026 Investor Briefing Day Barossa / Darwin LNG 20-year production supplying low-cost, high heating value LNG to proximal markets Barossa LNG Sales1 Mtpa (STO share) ~635 mmscf/d 2.0 Export capacity from the FPSO to DLNG, gross 1.5 ~300 mmscf/d 1.0 Individual well deliverability confirmed across all
Slide 46: Australia & PNG Growth Opportunities
2026 Investor Briefing Day Australia & PNG Growth Opportunities LNG and integrated gas and oil assets with material growth potential Papua New Guinea Papua LNG, P’nyang, Muruk, Juha, APF Tie-in, Mosa, Infill Oil Beetaloo / Onshore shales Beetaloo Dorado / Bedout Basin Dorado, Pavo, Ara, Higgs, Goats
Slide 47: Beetaloo: Unlocking the next major gas province
2026 Investor Briefing Day Beetaloo: Unlocking the next major gas province World-class shale play targeting <$6/mmBtu LNG with evacuation options east and north to existing Santos infrastructure Estimated >430 tcf Beetaloo gas in place1 The Beetaloo Basin is estimated to contain more than 430 tcf of
Slide 48: Beetaloo: high quality, stacked shale targets
2026 Investor Briefing Day Beetaloo: high quality, stacked shale targets Higher quality shales with deeper, thicker, higher pressure, multi-stacked targets with high total organic carbon; targeting 20.5 mmscf/d per well 2026 / 2027 appraisal wells Well Logs Shenandoah 1 Tanumburini TVD (Tamboran) (S
Slide 49: Bedout Basin: Dorado oil development with gas upside
2026 Investor Briefing Day Bedout Basin: Dorado oil development with gas upside Dorado oil project with targeted exploration drilling to build on the discovery and testing the potential to become another growth basin Largest undeveloped oil project in Australia High quality oil development in shallo
Slide 50: Papua New Guinea
2026 Investor Briefing Day Papua New Guinea World class asset close to Asian markets with PNG LNG backfill and expansion runway PNG LNG Inlet Gas Rate (Gross, mmscf/d)1 1800 PNG + Papua LNG capacity PNG LNG capacity 0 2025 2040 Hides & Angore APF CPF APF, CPF & Gobe & Gobe P'nyang Papua P’nyang LNG
Slide 51: Near term PNG LNG backfill strategy
2026 Investor Briefing Day Near term PNG LNG backfill strategy Multiple opportunities to backfill PNG LNG before Papua LNG comes online APF Tie-In Gobe Extension Field Optimisation CPF Expansion APF Expansion Project of Field Life Extend field life by Well interventions and AI Development of associa
Slide 52: Papua LNG: growth asset with multiple value streams
2026 Investor Briefing Day Papua LNG: growth asset with multiple value streams Infrastructure access fee, processing toll and project finance add substantial project economic contributions Up to 6 Mtpa Gross annualised production, providing 1 Mtpa and 11 mmboe / year STO production Baimuru ~$14.5 bi
Slide 53: PNG oil: high returns, using existing infrastructure
2026 Investor Briefing Day PNG oil: high returns, using existing infrastructure Low-cost, short cycle oil production from infill drilling. Growth potential from 50,000+ bbl/d (gross) Mosa opportunity with short tieback to existing Santos infrastructure Mosa oil prospect 50,000+ bbl/d Mosa prospect1
Slide 54: Alaska
ALASKA
Slide 55: Pikka phase 1 – project update
2026 Investor Briefing Day Pikka phase 1 – project update First oil achieved; intermittent production during commissioning with plateau of 80,000 bbl/day (gross) targeted Q3 2026 First oil flow achieved through LACT1 Ramping to 20,000 bbl/day (gross) with intermittent production as key subsystems ar
Slide 56: Pikka phase 1: platform for Alaskan growth
2026 Investor Briefing Day Pikka phase 1: platform for Alaskan growth Pikka field potential (all phases): ~400 mmboe gross 2P; ~600 mmboe gross 2C; prospective resource upside Pikka phase 1 production mmboe (STO share) 80,000 bopd 15 Phase 1 plateau rate 5–6 years 164 mmboe 2P net to Santos1; 252 mm
Slide 57: Alaska: Santos at the heart of the Nanushuk
2026 Investor Briefing Day Alaska: Santos at the heart of the Nanushuk Alaska North Slope renaissance led by Nanushuk, positions Santos as an early mover with a material resource base Future projects unlock potential 3x production Utqiagvik increase over the next decade Prospective resources Conting
Slide 58: Alaska: three fields, material resource base
2026 Investor Briefing Day Alaska: three fields, material resource base Quokka and Horseshoe of similar potential scale to Pikka underpinning a long development runway Pikka phase 1 establishes cash flow YE 2025 Resources (STO): Delivers 80,000 bopd (gross) on plateau, developing 164 mmboe 164 mmboe
Slide 59: Pikka: potential 1 billion barrel field
2026 Investor Briefing Day 1 Pikka: potential 1 billion barrel field ~400 mmbbl gross1 2P entering production; additional 2C resource of ~600 mmbbl gross supporting staged development beyond Pikka Pikka phase 1 Expansion Near-term growth Backfill opportunities Contingent resource Contingent Prospect
Slide 60: Quokka: pathway to development advancing
2026 Investor Briefing Day Quokka: pathway to development advancing ~450 mmbbl gross 2C resource supports future development with Pikka sized potential1 Quokka Pikka-scale potential Conceptual development Backfill opportunities Contingent resource Prospective resource Mitquq-1/ST1 Quokka-1 Subsurfac
Slide 61: Horseshoe: material upside
2026 Investor Briefing Day Horseshoe: material upside Appraisal targeting Pikka size field potential beyond current 2C resource of ~100 mmbbl gross1 Stirrup-1 Stirrup-1 Horseshoe-1/1A Stirrup-2 (winter 2026/2027) Stirrup-1 subsurface highlights • Highest flow rate of any single stage stimulation ver
Slide 62: Midstream & Energy Solutions
MIDSTREAM & ENERGY SOLUTIONS 01 02 03 04 05 06 07 08 09
Slide 63: Midstream & Energy Solutions portfolio
2026 Investor Briefing Day Midstream & Energy Solutions portfolio Creating long-term value through simplification, infrastructure optimisation and energy solutions capability East Coast Gas and Liquids LNG West Coast Gas Varanus Island & Midstream Infrastructure Moomba, Port Bonython Darwin LNG Devi
Slide 64: Strong midstream portfolio performance
2026 Investor Briefing Day Strong midstream portfolio performance Integrated infrastructure delivering reliable, low-cost processing Reliability >95 per cent midstream reliability 3-year average, 2025 at ~100 per cent1 % 100 High-reliability consistently processing upstream volumes and increasing up
Slide 65: Midstream platform unlocking value
2026 Investor Briefing Day Midstream platform unlocking value Advantaged infrastructure across three regions, supported by domestic gas and low-cost midstream capability underpinned by value creation optionality Darwin LNG & Bayu-Undan Upstream development adjacencies Varanus Island B D DLNG T2 B Be
Slide 66: Carbon management at scale
2026 Investor Briefing Day Carbon management at scale Moomba CCS continues to perform above expectation, proving the technology and enabling growth targeted from Santos reservoir emissions in the medium-term 1 2 MtCO2e stored permanently stored 2 29 per cent reduction in Santos net emissions intensi
Slide 67: Bayu-Undan CCS
2026 Investor Briefing Day Bayu-Undan CCS Intention to make Timor-Leste a regional leader in carbon storage, up to 10 Mtpa storage with initial focus on Barossa (2.3 Mtpa) Arafura Sea Cessation of production in 2025 Timor-Leste Suspension of operations nearing completion; end state is a Savu Sea nor
Slide 68: Geothermal in the Cooper Basin
2026 Investor Briefing Day Geothermal in the Cooper Basin Cooper Basin is Australia’s premier geothermal resource; potential to provide low carbon energy for decarbonisation Basement temperature Over 45 wells drilled to 200°C1 Low-cost pilot project in planning stages To de-risk and demonstrate pote
Slide 69: Operations Excellence & Technology
OPERATIONS EXCELLENCE & TECHNOLOGY 01 02 03 04 05 06 07 08 09
Slide 70: Santos operations excellence and technology
2026 Investor Briefing Day Santos operations excellence and technology A safer, lower-cost operator. Unlocking more value through technology Remote Operating Operations excellence Technology delivering value Centre capabilities Culture that delivers – safe, Digital technology Centralised operating r
Slide 71: Operational Excellence
2026 Investor Briefing Day Operational Excellence Disciplined execution across the base business is delivering record personal safety, process safety and asset reliability outcomes Lost time injury rate1 Loss of containment incident rate2 Best on record lost time Rate per million hours worked Tier 1
Slide 72: Technology delivering measurable value
2026 Investor Briefing Day Technology delivering measurable value Cost reduction and production uplift across drilling, completions, projects and facilities Santos’ technology program – applying digital and AI capability across the integrated value chain >$64m Up to ~$70m 20% 80% Potential annual Po
Slide 73: Santos' capability across offshore decommissioning
2026 Investor Briefing Day Santos’ capability across offshore decommissioning Disciplined self-execution team established to manage continuous offshore decommissioning program, demonstrating fast learning implementation, delivering zero recordable injuries, on-schedule, under-budget decommissioning
Slide 74: Remote operating centre capabilities
2026 Investor Briefing Day Remote operating centre capabilities Bringing together people and technology. Scaling to further lower costs and increase uptime across global portfolio Santos operations vision: One centralised and remote operating centre, expanding capability Centralised Lower Higher Sca
Slide 75: Investment Outlook
INVESTMENT OUTLOOK 01 02 03 04 05 06 07 08 09
Slide 76: Key takeaways
2026 Investor Briefing Day Key takeaways Global instability has reset forecast for LNG supply with implication for energy security and market stability, favouring Santos’ geographic advantage for its premium price products Focus on tier-1 basins. Growing free cash flow. Delivering shareholder return
Slide 77: The Santos value proposition is clear
2026 Investor Briefing Day 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 large- Barossa and Pikka phase 1 Disciplined capital allocation framework scale tie
Slide 78: Q&A
Q&A
Slide 79: Santos
Santos
Slide 80: Definitions and abbreviations
2026 Investor Briefing Day 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 captur
Slide 81: Definitions and abbreviations
2026 Investor Briefing Day 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
Slide 82: Santos
Santos