Santos Limited (STO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of Santos' 2025 full year results. I'm speaking today from the traditional lands of the Gardiner people of the Adelaide Plains and pay my respects to elders past and present. I also acknowledge and recognise the support of traditional owners and indigenous people everywhere Santos operates around the world. Before we start, I draw your attention to the usual disclaimer on slide two. Santos delivered a strong result despite lower commodity prices, with the base business continuing to demonstrate the resilience of our disciplined, low-cost operating model. I'll begin with an overview of our results before handing over to our Chief Financial Officer, Lockie Harris, to present the financial details. Our Chief Operating Officer, Brett Darley, will then discuss the operational performance of our base business. Following Brett's presentation, I'll take you through our outlook and strategic priorities for 2026. Then we'll open the call up to questions. In 2025, personal and process safety performance were outstanding, with Santorff ranking the top quartile of our sector globally for personal safety and outperforming the global benchmark for process safety. Our lost time injury rate and total recordable injury rate were Santorff's best on record. Process safety performance, measured by the loss of containment incident rate was the best in more than a decade. While we are proud of these outcomes, we remain focused on continuous improvement, and I'd like to take this opportunity to thank all of our employees across our global operations for their hard work and commitment to continual improvement. Slide 5 summarises our 2025 financial results. The business generated strong revenues and delivered free cash flow from operations of $1.8 ...