Santos Limited (STO) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

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 Santosi's 2026 half-year results. I'm speaking today from the traditional lands of the Kaurna people of the Adelaide Plains. 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. 2026 is a year of transition for Santos. In the first half, we safely commenced peak of production and continued commissioning and ramp up at Barossa. And that is the story of this result. New production coming online while the base business keeps delivering. I'll begin with an overview of our performance before handing to our Chief Financial Officer, Lachlan Harris, to take you through the financial results. Our Chief Operating Officer, Brett Darley, will then cover the operational performance of the base business. And I'll return at the end to discuss our outlook and strategic priorities before we open the call to questions. Before we start, I draw your attention to the usual disclaimer on slide two. Safety performance in the first half was strong. We recorded no lost time injuries and no tier one process safety incidents. That discipline underpins everything that we do. Our lost time injury rate has been better than the IOGP global average every year since 2022, including the first half of this year. In 2025, IOGP recorded its highest number of fatalities since 2015. We see that as a reason to work harder and drive continuous improvement not to take comfort in our own numbers. Safety remains a core focus at Santos. As Barossa and Pica transition to stable operations,...