Slide 1: Santos reports strong first-half results with Barossa and Pikka on track for start-up
ASX / Media Release 25 August 2025 Santos reports strong first-half results with Barossa and Pikka on track for start-up • Strong free cash flow from operations of US$1.1 billion • Sales revenue of US$2.6 billion • EBITDAX of US$1.8 billion • Net profit after tax of US$439 million, underlying profit
Slide 2: CEO comments on first half operational result
The excellent first half operational result reinforces the strength of our base business and our ability to self-execute development projects, highlighted by accelerated first oil guidance for Pikka phase 1 to the first quarter of 2026, DLNG RFSU achieved and Barossa first gas imminent. The addition
Slide 3: 2025 Half-Year Results
Slide 4: Disclaimer and important notice
2025 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 cur
Slide 5: Personal and process safety performance
2025 Half-year results Personal and process safety performance Strong safety performance while delivering major development projects Personal safety - Lost Time Injury Rate1 Rate per million hours worked Santos’ Lost Time Injury Rate (LTIR) continues to be better 0.80 than IOGP 2024 global average S
Slide 6: First-half financial highlights
2025 Half-year results 2025 First-half financial highlights Strong financial performance, with positive all-in free cash flow while delivering major development projects $2.6 billion $1.1 billion 44.1 mmboe Sales revenue Free cash flow from operations1 Total production volumes $1.8 billion 13.4 UScp
Slide 7: Barossa LNG project update
2025 Half-year results Barossa LNG project update Major milestones achieved, bringing production within sight BW Opal Delivery roadmap 98% Strong execution delivered through smart contracting, disciplined management and parallel execution Well nameplate capacity complete1 threshold achieved On track
Slide 8: Pikka phase 1 project update
2025 Half-year results Pikka phase 1 project update Excellent project execution paves way for early startup Sea Water Treatment Plant Delivery roadmap > 91% Revised first oil – accelerated to Q1 2026 with ramp up to plateau by end Q2 2026 Permanent camp installed complete1 Ongoing innovation in deve
Slide 9: First-half operational highlights
2025 Half-year results 2025 First-half operational highlights Excellent first-half performance driven by safe, reliable operations and strong project execution Midstream & PNG GLNG Western Australia Cooper Basin Energy Solutions Sustaining Sustaining Material reduction in Flood response CCS strength
Slide 10: High realised LNG prices
2025 Half-year results High realised LNG prices Santos’ geographically advantaged, high-heating value LNG portfolio delivers higher realised prices Proximal to Asian demand centres, shorter sailing distances1 Canada: Signed two-year mid-term deal with QatarEnergy Trading 10 days LLC to supply ~0.5 M
Slide 11: Delivering on decommissioning programs
2025 Half-year results Delivering on decommissioning programs A proven track record in execution and delivery of decommissioning work packages Self-execute model: Decommissioning Managing costs Improving efficiency Responsible delivery Driving capital discipline and compliance Improving efficiency t
Slide 12: Delivering on our decarbonisation targets
2025 Half-year results Delivering on our decarbonisation targets Moomba CCS online in less than four years from FID, highlighting our delivery capability Scope 1 and 2 emissions intensity ktCO2e/mmboe, Santos equity share Moomba CCS phase 1 achieved the milestone of capturing and storing more than 1
Slide 13: Driving excellence in execution
2025 Half-year results Driving excellence in execution A proven track record over 10 years, building self execution capability in complex and diverse project delivery Self-execute model Reducing costs Improving efficiency Accelerating delivery Schedule control supports optimised Leveraging learnings
Slide 14: Proven and sustained performance
2025 Half-year results Proven and sustained performance Our disciplined low-cost operating model driving cash flow, returns, and sector leading performance Production Dividend Lost time injury rate mmboe Cents per share Rate per million hours worked 13 13.4 0.80 90 - 95 Santos LTIR IOGP Global Avg L
Slide 15: Finance and Capital Management
FINANCE AND CAPITAL MANAGEMENT
Slide 16: First-half financial highlights
2025 Half-year results 2025 First-half financial highlights Proven operational strength and disciplined low-cost operating model delivering strong financial results $2.6 billion $1.1 billion $7.28/boe Sales revenue Free cash flow from operations1 Unit production costs2 $1.8 billion 13.4 UScps 23.7 p
Slide 17: Capital allocation framework principles
2025 Half-year results Capital allocation framework principles Simplified framework1 prioritises shareholder returns and strong balance sheet Disciplined operating model Cash flow from operations Sustaining and development capital Target sustainable production of 100-120mmboe per annum2 Limit capex
Slide 18: Strong cash flow driving shareholder returns
2025 Half-year results Strong cash flow driving shareholder returns Robust free cash flow from operations highlights our disciplined low-cost operating model throughout the cycle Free cash flow from operations1,2 Shareholder returns3 $ million $/boe $ million Cents per share 1900 150 500 16 “Strong
Slide 19: Free cash flow from operations
2025 Half-year results Free cash flow from operations Significant free cash flow from operations of $1.1 billion, strong base business performance Operating cash flow1 Investing cash flow2 Free cash flow from operations1,3 $ million $ million $ million 2,137 1,708 1,628 1,552 1,440 1,129 1,051 1,068
Slide 20: Underlying earnings
2025 Half-year results Underlying earnings Strong performance and earnings from the base business through the commodity price cycle Product sales revenue EBITDAX Underlying profit1 $ million $ million $ million 3,766 2,967 2,711 2,731 2,579 1,267 2,040 2,112 1,974 1,8461,758 1,680 1,668 801 1,449 65
Slide 21: Disciplined low-cost operating model delivering
2025 Half-year results Disciplined low-cost operating model delivering Sustained cost improvements driving stronger margins across our operations Unit production costs1 Disciplined low-cost operating model US$/boe 14 Revised 2025 unit production costs guidance down to $7.00- Average CPI2 1.5% Averag
Slide 22: Strong balance sheet, balanced portfolio
2025 Half-year results Strong balance sheet, balanced portfolio Focused on stable balance sheet through the cycle. Final two repayments on PNG LNG financing Drawn debt maturity profile1 Liquidity3 Hedging $3.9b US$ million PNG LNG project finance (non- Oil Hedging recourse) 2H 2025: 7.5 mmbbl zero c
Slide 23: Operations Review
Santos OPERATIONS REVIEW
Slide 24: Disciplined operating model
2025 Half-year results Disciplined operating model Delivering strong free cash flows for shareholder returns, debt repayment and reinvestment Disciplined Asset lifecycle Portfolio & portfolio rules capital allocation Diversified portfolio Resource add Return to Integrated Midstream and shareholders
Slide 25: PNG LNG
2025 Half-year results PNG LNG World class LNG infrastructure providing strong margins and reliable, long-term LNG to Asian markets LNG volumes High reliability performance Mt (gross) 4.35 • LNG plant maintained high 4.08 4.29 4.24 4.05 4.29 Consistently strong production at PNG LNG, sustaining reli
Slide 26: PNG: backfill and optionality
2025 Half-year results PNG: backfill and optionality Leveraging off Santos’ self execution capability to drive lower costs and improved facility reliability Operated CPF reliability Strong operational reliability % APF Tie-in project advanced through the Define Phase • High reliability from CPF1 & G
Slide 27: East Coast LNG: GLNG Curtis Island
2025 Half-year results East Coast LNG: GLNG Curtis Island Safe and reliable delivery of LNG to our customers LNG volumes produced Reliable performance Mtpa (gross) • Continued strong reliability Achieved full reliability and maintained a strong safety and safety performance performance (including on
Slide 28: East Coast LNG: Queensland CSG
2025 Half-year results East Coast LNG: Queensland CSG Leveraging self-execute operating model, driving continuous improvement in well delivery cycle times QLD & NSW production Sustain and backfill Upstream facility reliability Best in class reliability mmboe (STO) • Record production rates across %
Slide 29: East Coast LNG: Cooper Basin
2025 Half-year results East Coast LNG: Cooper Basin Floods at levels not seen since 1974 impacted operations across basin, however drilling activities continued and on course to deliver ~100 wells in 2025 Production volume Flood disruption and recovery Wells drilled Operational continuity mmboe • Pr
Slide 30: Moomba Central Optimisation project
2025 Half-year results Moomba Central Optimisation project Re-setting Cooper Basin cost base by high-grading resources in Central, Northen and Cross Border areas, delivering increased facility reliability and lower-cost production Gas resource: >90 per cent Gas resource: <10 per cent Lower-cost prod
Slide 31: Western Australia
2025 Half-year results Western Australia Small tie-backs like Halyard 2 maximise plant capacity, lifting production and lowering unit costs1 Production costs Focusing on cost discipline Varanus Island reliability Reliability improvement $million $/boe • Halyard-2 production, favourable % • Sustained
Slide 32: Sustaining production opportunities
2025 Half-year results Sustaining production opportunities Strong portfolio of opportunities to backfill and sustain production across core assets PNG Cooper Basin Western Australia Eastern Qld Pikka phase 1 extension Reservoir type Conventional gas Conventional oil and gas Conventional gas CSG Conv
Slide 33: Sustainable growth options
2025 Half-year results Sustainable growth options Executing a disciplined strategy developing tier 1 growth opportunities in line with our capital-allocation framework Bedout Basin Narrabri Papua LNG Alaska Beetaloo/South Nicholson (Dorado) Reservoir type CSG Conventional Conventional, oil Conventio
Slide 34: Investing in our communities
2025 Half-year results Investing in our communities Helping communities thrive through partnerships to create a better future Santos Foundation • 14 years experience working with Partnerships with 24 Traditional Owner groups and six land donors, partners and local councils, supported through Cultura
Slide 35: Strategic priorities
2025 Half-year results 2025 Strategic priorities Focused on driving shareholder returns leveraging our disciplined low-cost operating model and executing on development projects On track and delivering Deliver safe, reliable and low-cost production Progress PNG LNG and East Coast LNG from base busin
Slide 36: Appendix
Santos APPENDIX
Slide 37: First-half financial performance
2025 Half-year results 2025 First-half financial performance Consistently strong financial performance driven by operational excellence 1H 2025 1H 2024 • Total revenue down due to lower realised prices, driven by lower dated $million $million Brent and lower JCCn-3 Total revenue 2,659 2,780 • Produc
Slide 38: Sales revenue
2025 Half-year results Sales revenue Diverse portfolio, proximal to Asian markets and supplying domestic markets 1H 2025 Total product sales 1H 2025 Sales revenue product % % 1% 6% 16% PNG 9% LNG 1% Cooper Basin upstream Gas & ethane Crude oil Queensland & NSW Condensate/Naphtha 50% 22% LPG 23% Nort
Slide 39: Free cash flow from operations
2025 Half-year results Free cash flow from operations Calculation of 2025 half-year free cash flow from operations Lease liability payments are treated as financing 1H 2025 1H 2024 cash flows under AASB 16. To ensure like-for-like $million $million comparisons with prior periods, the definition of f
Slide 40: Significant items
2025 Half-year results Significant items Reconciliation of half-year net profit to underlying profit 1H 2025 1H 2024 $ million $million $million Net profit attributable to the owners of Santos Limited1 439 636 Add/(deduct) significant items after tax: Impairment losses 83 18 Fair value loss/(gain) o
Slide 41: 2025 guidance
2025 Half-year results 2025 guidance X Guidance item 2025 Guidance3 Production volumes 90–95 mmboe Sales volumes 92–99 mmboe Capital expenditure – sustaining (incl. decommissioning)1 ~$1.2–$1.3 billion Capital expenditure – major development projects1 ~$1.2–$1.3 billion Unit production costs2 $7.00–
Slide 42: Liquidity and net debt
2025 Half-year results Liquidity and net debt Strong liquidity and balance sheet 30 June 2025 31 December 2024 Liquidity $million $million Cash and cash equivalents 1,830 1,833 Committed (undrawn) bank facilities1 2,115 2,580 Total liquidity 3,945 4,413 30 June 2025 31 December 2024 Debt $million $m
Slide 43: 2025 Half-year segment results summary
2025 Half-year results 2025 Half-year segment results summary Northern Corporate, Australia & Western Exploration, 2025 Half-year results Cooper Basin Queensland Timor-Leste Australia Santos Energy Eliminations & summary Upstream & NSW PNG Upstream Upstream Solutions Other Total Santos Product sales
Slide 44: 2024 Half-year segment results summary
2025 Half-year results 2024 Half-year segment results summary Northern Corporate, Australia & Western Exploration, 2024 Half-year results Cooper Basin Queensland Timor-Leste Australia Santos Energy Eliminations & summary Upstream & NSW PNG Upstream Upstream Solutions Other Total Santos Product sales
Slide 45: Definitions and abbreviations
2025 Half-year results Definitions and abbreviations When used in reference to emissions reduction targets, means reduction against the total Company Santos Limited and all its subsidiaries absolute emissions at the relevant point in time, rather than a relative or comparative amount or on an intens
Slide 46: Definitions and abbreviations
2025 Half-year results Definitions and abbreviations People employed by Santos under permanent or maximum term contracts, either full time or The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); employee greenhouse gas part time methane (CH4); nitrous oxide (N2O); hydro
Slide 47: Definitions and abbreviations
2025 Half-year results Definitions and abbreviations Liquefied petroleum gas. A mixture of light hydrocarbons derived from oil bearing strata that is Those quantities of petroleum anticipated to be commercially recoverable by application of LPG gaseous at normal temperatures but that has been liquef
Slide 48: Definitions and abbreviations
2025 Half-year results Definitions and abbreviations bbl barrel MtCO2e million tonnes of carbon dioxide equivalent A$ Australian currency Mtpa million tonnes per annum boe barrels of oil equivalent PJ petajoules, 1 joule x 1015 CO2 carbon dioxide t tonne CO2e carbon dioxide equivalent tcf trillion c
Slide 49: Santos
Santos