)
Santos (STO) investor relations material
Santos H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
Next Santos earnings date
Next Santos earnings date
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage
)
)