Santos
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Santos (STO) investor relations material

Santos H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary18 Feb, 2026

Executive summary

  • Delivered strong financial and operational performance in 2025 despite lower commodity prices and inflationary pressures, with resilient base business and disciplined cost management.

  • Achieved top-quartile safety performance globally, with record-low lost time and total recordable injury rates, and high reliability.

  • Advanced major projects including Barossa, Moomba CCS, and Pikka Phase I, supporting long-term growth and expected to lift production by ~25% by 2025.

  • Strategic priorities for 2026 include ramping up Barossa, progressing Papua LNG, and advancing CCS initiatives.

Financial highlights

  • Free cash flow from operations: $1.8–$2.4 billion; underlying profit after tax: ~$900 million; EBITDAX: $3.4 billion.

  • Total dividends for 2025: $0.237 per share (43% of free cash flow), with a final dividend of $0.103 per share.

  • Product sales revenue was $4,939 million, down from $5,381 million in 2024 due to lower realised prices.

  • Unit production costs dropped to $6.78/boe, the lowest in a decade.

  • Gearing finished at 26.9% (including leases); liquidity at $4.3 billion.

Outlook and guidance

  • 2026 production and sales volumes guided at 101–111 mmboe; ambition to maintain production between 100–120 million BOE in the near term.

  • Capital expenditure expected at $1.95–$2.15 billion; unit production costs forecast at $6.95–$7.45/boe.

  • Targeting all-in free cash flow breakeven of $45–$50 per barrel; unit production cost target below $7/BOE.

  • Strategic review of Australian integrated assets underway, with results to be shared at Investor Day.

Bayu-Undan CCS FID path and timing?
Impact of gas market review on GLNG?
Beetaloo commercialization path and timing?
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Frequently asked questions

Santos Limited is an Australian-based energy company specializing in the exploration, development, production, and marketing of oil and gas. The company's portfolio includes liquefied natural gas (LNG), pipeline gas, and oil assets, making it one of Australia's largest domestic gas suppliers and a leading LNG supplier in the Asia Pacific region. The company operates across Australia and the Asia Pacific, maintaining a significant presence in the energy sector both domestically and internationally. The company is headquartered in Adelaide, South Australia, and its shares are listed on the ASX.

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