Santos Limited · ASX:STO
Santos — Investor Day (May 2026)
84 slides from Santos's investor day presentation, May 26, 2026
Slide 1: ASX/Media Release: Santos Investor Briefing Day 2026
ASX/Media Release 26 May 2026 Santos Investor Briefing Day 2026 Santos today hosts its 2026 Investor Briefing Day in Sydney to present its strategy and financial framework entitled ‘Focus on tier-1 basins. Growing free cash flow. Delivering shareholder returns.’ Key highlights include: • Tier-1 one
Slide 2: CEO comments (media release continued)
Managing Director and Chief Executive Officer Kevin Gallagher said, “Over the last ten years Santos has transformed its cost base and built one of the most compelling portfolios in the global oil and gas sector through divestment of non-core assets, timely mergers and acquisitions in assets we know,
Slide 3: Focus on tier-1 basins. Growing free cash flow. Delivering shareholder returns.
Focus on tier-1 basins. For personal use only Growing free cash flow. Delivering shareholder returns. 2026 Investor Briefing Day 26 May 2026
Slide 4: Agenda/Speakers
2026 Investor Briefing Day Agenda/Speakers For personal use only Session one Session two 01 Opening Oil & LNG Growth Hubs 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
Slide 5: Disclaimer and important notice
2026 Investor Briefing Day Disclaimer and important notice For personal use only 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 ar
Slide 6: Introduction
For personal use only INTRODUCTION 01 02 03 04 05 06 07 08 09
Slide 7: 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 For personal use only What happened Market impact1 150 Dated Brent ($/bbl) Qatar LNG Exports 125 Global oil supply imp
Slide 8: Our growth strategy
2026 Investor Briefing Day Our growth strategy For personal use only 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 infr
Slide 9: Operations update
2026 Investor Briefing Day Operations update Strong, reliable base business delivering as Barossa and Pikka phase 1 come online For personal use only 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 p
Slide 10: 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 For personal use only Disciplined low-cost operating model Unit production cost reduced by Cost dis
Slide 11: 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 For personal use only Alaska PNG Tier-1 super basin Portfolio transformation Tier-1 province with material
Slide 12: 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 For personal use only Diverse Reserves 2016 2026 3 & Resource Base3 160% Replacement of Developed Proved plus Probable Reserves YE16–YE
Slide 13: 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 For personal use only Tier-1 basins – scale, margin, infrastructure advantage Australia PNG Alaska Long-term Beetaloo sha
Slide 14: 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 For personal use only Disciplined operating model Capital allocation framework Continues to underpin how we operate Balances
Slide 15: 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 For personal use only Investment prioritised in the Central Area with Browse Basin cumulative capex reductions of
Slide 16: 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 For personal use only Australia PNG Alaska Pikka Beetaloo Appraisal of multi-tcf opportunity
Slide 17: 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 For personal use only Production by region2 Santos share, 2025 to 2035 (mmboe) 2030+ growth
Slide 18: 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 For personal use only 2026–2040 Cash flow per barrel peer benchmarking1 Stronger cash generation $/boe Barossa and Pikka bring higher- 25 margin barrels online from 2026 (2026–
Slide 19: 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 For personal use only Net Debt and Gearing1 $ million % 6,000 35 Tar
Slide 20: The Santos value proposition is clear
2026 Investor Briefing Day The Santos value proposition is clear Growing free cash flow. Maximising shareholder value For personal use only High quality asset base Growing free cash flow Shareholder returns Geographic diverse portfolio of large- Barossa and Pikka phase 1 Disciplined capital allocati
Slide 21: Finance
For personal use only FINANCE 01 02 03 04 05 06 07 08 09
Slide 22: 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 For personal use only Disciplined operating model Capital allocation framework Continues to underpin how we operate Balances
Slide 23: Capital allocation framework
2026 Investor Briefing Day Capital allocation framework Providing strong returns, through the cycle, underpinned by a strong investment grade balance sheet and cost discipline For personal use only Cost discipline Balance sheet strength Returns to shareholders $45–50/bbl 15–25% ≥60% FCFBP gearing pa
Slide 24: 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 For personal use only Net Debt and Gearing1 Drawn debt maturity profile $ million % $ million 6,000 35 Liquidity2 1200
Slide 25: 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 For personal use only Sources and uses at $75/bbl 2026–2030, $ billion Funding future growth 20 Free cash flow breakeven of $45–50/bb
Slide 26: 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 For personal use only EBITDAX margin versus peers1 / Unit production cost % $/boe Lower unit cost 90 9 Higher 8.
Slide 27: Market Outlook
For personal use only MARKET OUTLOOK 01 02 03 04 05 06 07 08 09
Slide 28: 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 For personal use only Global energy demand by region1 Global energy demand by source1 EJ ~20 p
Slide 29: 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 For personal use only Global LNG demand and supply1 Asia LNG demand growth1 Mtpa Mtpa 800 800 600 600 400 400 200 200 0
Slide 30: 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 For personal use only 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 20
Slide 31: 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 For personal use only Geopolitically secure supplier to North Asia Energy security is a growing pr
Slide 32: Marketing & Trading
For personal use only MARKETING & TRADING 01 02 03 04 05 06 07 08 09
Slide 33: Premium pricing across products
2026 Investor Briefing Day Premium pricing across products Santos’ unique differentiators delivering industry-leading pricing through the 2030s For personal use only 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
Slide 34: Advantaged LNG portfolio
2026 Investor Briefing Day Advantaged LNG portfolio Santos’ delivers optimal LNG to premium Asian buyers. Right quality · Right location · Right specification For personal use only Global supply of high heating value LNG2 LNG supply, Mtpa, % high heating value 900 35% 800 30% 700 25% 600 500 20% App
Slide 35: 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 For personal use only Contracted LNG volumes by buyer country1 Realised LNG pricing3 LNG volume contracted, Mtpa LNG price, $/mmBtu 6 16
Slide 36: 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 For personal use only Santos LNG contracted volume mix1 % contracted volume 100% ~14.6% Premium pricing Average realised sl
Slide 37: 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 For personal use only Asia crude oil imports from the US1 % share by country 100% ~$20/bbl Peak ANS premium over Brent in 20262 75% ~30–32° High diesel and jet yields, 5
Slide 38: Reserves and Resources
For personal use only RESERVES AND RESOURCES 01 02 03 04 05 06 07 08 09
Slide 39: 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 For personal use only Australia PNG Alaska mmboe mmboe m
Slide 40: Capitally efficient reserves replacement
2026 Investor Briefing Day Capitally efficient reserves replacement 1P reserves life index maintained at peer-leading levels through production growth For personal use only Reserves life index in the efficient zone 1P Reserves Life Index1,2 (Years) Top end of global peers 18 Santos 1P reserves life:
Slide 41: Replacement cost trending down
2026 Investor Briefing Day Replacement cost trending down Portfolio transition underway, supported by depth in advantaged resource portfolio For personal use only Organic 2P Developed Reserve Replacement Unit Cost1,2 $/boe Advantaged portfolio 20 Transitioning investment to higher quality tier-1 ass
Slide 42: Break
For personal use only BREAK
Slide 43: Developing large scale basins to support backfill and growth
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 For personal use only Australia PNG Alaska Pikka Beetal
Slide 44: Oil & LNG growth hubs underpinned by large scale tier-1 basins
For personal use only OIL & LNG GROWTH HUBS UNDERPINNED BY LARGE SCALE TIER-1 BASINS 01 02 03 04 05 06 07 08 09
Slide 45: Operational updates
2026 Investor Briefing Day Operational updates Reliable base business performance, with Barossa ramp-up strengthening Santos’ LNG portfolio For personal use only Australian Domestic Oil & Gas Australia LNG PNG LNG Cooper WA offshore gas GLNG Barossa / DLNG PNG LNG Status Producing Producing Producin
Slide 46: 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 For personal use only Production restart PRISM Brilliance completed cargo loading at Darwin LNG following FPSO return to production Current production rate FPSO p
Slide 47: Barossa / Darwin LNG
2026 Investor Briefing Day Barossa / Darwin LNG 20-year production supplying low-cost, high heating value LNG to proximal markets For personal use only 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 deliverabilit
Slide 48: Australia & PNG Growth Opportunities
2026 Investor Briefing Day Australia & PNG Growth Opportunities LNG and integrated gas and oil assets with material growth potential For personal use only Papua New Guinea Papua LNG, P’nyang, Muruk, Juha, APF Tie-in, Mosa, Infill Oil Beetaloo / Onshore shales Beetaloo Dorado / Bedout Basin Dorado, P
Slide 49: 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 For personal use only Estimated >430 tcf Beetaloo gas in place1 The Beetaloo Basin is estimated to contai
Slide 50: 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 For personal use only Well Logs Shenandoah 1 Tanumbu
Slide 51: 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 For personal use only Largest undeveloped oil project in Australia High quality oil
Slide 52: Papua New Guinea
2026 Investor Briefing Day Papua New Guinea World class asset close to Asian markets with PNG LNG backfill and expansion runway For personal use only 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'ny
Slide 53: 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 For personal use only APF Tie-In Gobe Extension Field Optimisation CPF Expansion APF Expansion Project of Field Life Extend field life by Well interventions and AI
Slide 54: 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 For personal use only Up to 6 Mtpa Gross annualised production, providing 1 Mtpa and 11 mmboe / year STO produc
Slide 55: 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 For personal use only Mosa oil prospect 50,000+
Slide 56: Alaska
For personal use only ALASKA
Slide 57: 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 For personal use only First oil flow achieved through LACT1 Ramping to 20,000 bbl/day (gross) with intermittent productio
Slide 58: 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 For personal use only Pikka phase 1 production mmboe (STO share) 80,000 bopd 15 Phase 1 plateau rate 5–6 years 164 mmboe 2P
Slide 59: 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 For personal use only Future projects unlock potential 3x production Utqiagvik increase over the next decade Prospec
Slide 60: 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 For personal use only Pikka phase 1 establishes cash flow YE 2025 Resources (STO): Delivers 80,000 bopd (gross) on plateau, developi
Slide 61: Pikka: potential billion barrel field
2026 Investor Briefing Day Pikka: potential 1 billion barrel field 1 ~400 mmbbl gross1 2P entering production; additional 2C resource of ~600 mmbbl gross supporting staged development beyond For personal use only Pikka Pikka phase 1 Expansion Near-term growth Backfill opportunities Contingent resour
Slide 62: 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 For personal use only Quokka Pikka-scale potential Conceptual development Backfill opportunities Contingent resource Prospective resource Mitquq-1/
Slide 63: Horseshoe: material upside
2026 Investor Briefing Day Horseshoe: material upside Appraisal targeting Pikka size field potential beyond current 2C resource of ~100 mmbbl gross1 For personal use only Stirrup-1 Stirrup-1 Horseshoe-1/1A Stirrup-2 (winter 2026/2027) Stirrup-1 subsurface highlights • Highest flow rate of any single
Slide 64: Midstream & Energy Solutions
For personal use only MIDSTREAM & ENERGY SOLUTIONS 01 02 03 04 05 06 07 08 09
Slide 65: 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 For personal use only Varanus Island & Midstream Infrastructure Moomba, Port Bo
Slide 66: Strong midstream portfolio performance
2026 Investor Briefing Day Strong midstream portfolio performance Integrated infrastructure delivering reliable, low-cost processing For personal use only Reliability >95 per cent midstream reliability 3-year average, 2025 at ~100 per cent1 % 100 High-reliability consistently processing upstream vol
Slide 67: 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 For personal use only Darwin LNG & Bayu-Undan Upstream development adjacencies Varanus I
Slide 68: 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 For personal use only 1 2 MtCO2e stored permanently stored 2 29 per cent reduction in Santos
Slide 69: 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) For personal use only Arafura Sea Cessation of production in 2025 Timor-Leste Suspension of operations nearing completion; end s
Slide 70: 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 For personal use only Basement temperature Over 45 wells drilled to 200°C1 Low-cost pilot project in planning stages To de-ris
Slide 71: Operations Excellence & Technology
For personal use only OPERATIONS EXCELLENCE & TECHNOLOGY 01 02 03 04 05 06 07 08 09
Slide 72: Santos operations excellence and technology
2026 Investor Briefing Day Santos operations excellence and technology A safer, lower-cost operator. Unlocking more value through technology For personal use only Remote Operating Operations excellence Technology delivering value Centre capabilities Culture that delivers – safe, Digital technology C
Slide 73: 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 For personal use only Lost time injury rate1 Loss of containment incident rate2 Best on record lost time Rate per milli
Slide 74: Technology delivering measurable value
2026 Investor Briefing Day Technology delivering measurable value Cost reduction and production uplift across drilling, completions, projects and facilities For personal use only Santos’ technology program – applying digital and AI capability across the integrated value chain >$64m Up to ~$70m 20% 8
Slide 75: 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 76: 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 For personal use only Santos operations vision: One centralised and remote operating centre, expanding capability Centra
Slide 77: Investment Outlook
For personal use only INVESTMENT OUTLOOK 01 02 03 04 05 06 07 08 09
Slide 78: 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 For personal use only Focus on tier-1 basins. Growing free cash flow. Deliver
Slide 79: The Santos value proposition is clear
2026 Investor Briefing Day The Santos value proposition is clear Growing free cash flow. Maximising shareholder value For personal use only High quality asset base Growing free cash flow Shareholder returns Geographic diverse portfolio of large- Barossa and Pikka phase 1 Disciplined capital allocati
Slide 80: Q&A
For personal use only Q&A
Slide 81: Santos
Santos Ajuo asn yeuossad 104
Slide 82: 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 83: Definitions and abbreviations
2026 Investor Briefing Day Definitions and abbreviations For personal use only 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 equiv
Slide 84: Santos
Santos Ajuo asn yeuossad 104