Santos Limited (STO) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Santos Limited 2025 Half Year Results webcast. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Kevin Gallagher, Managing Director and Chief Executive Officer. Please go ahead. Thank you and good morning and welcome to the presentation of Santos' 2025 half-year results. I'm speaking today from the traditional lands of the Kaurna people of the Adelaide Plains, and I pay my respects to elders past and present. I also acknowledge and recognise the support of traditional owners, indigenous people and nationals everywhere Santos operates around the world. Before I commence my report on what has been a strong financial and operational performance for Santos for the first half of 2025, you will have seen our update this morning on progress with the non-binding indicative proposal from the XRG Consortium. We are finalising an acceptable scheme implementation agreement and have made considerable progress. Importantly, the SIA will include customary protections for stakeholders should the potential transaction take longer than expected to complete. The consortium requested an extension of the exclusivity period to conclude due diligence and to obtain all necessary approvals to enter into a binding transaction. On the basis that we have made considerable progress towards an acceptable SIA and given the consortium has also again confirmed it has found nothing in due diligence that would lead it to withdraw its indicative proposal, Santos has agreed to extend the process deed for four weeks until the 19th...