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Santos (STO) investor relations material
Santos H1 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 1H 2025, with $2.6 billion revenue, $1.1 billion free cash flow, and major projects like Barossa (97–98% complete) and Pikka Phase 1 (>91% complete) on track for early production.
Safety performance improved, with a 46% reduction in total recordable injury rate and LTIR outperforming global averages.
Moomba CCS stored over 1 million tonnes CO2e, reducing emissions intensity by 22%.
Received a non-binding acquisition proposal from the XRG consortium, including Abu Dhabi National Oil Company, at $5.76 per share.
Financial highlights
Sales revenue was $2.6 billion, EBITDAX $1.8 billion, and free cash flow from operations $1.1 billion; net profit after tax was $439 million, and underlying profit $508 million.
Interim dividend of 13.4 US cents per share declared, partially franked.
Unit production cost was $7.28 per boe; 2025 guidance narrowed to $7.00–$7.40 per boe.
Free cash flow breakeven targeted at under $35 per barrel in 2025.
Gearing at 23.7% including leases; liquidity of $3.9 billion.
Outlook and guidance
2025 production guidance: 90–95 mmboe; sales volumes: 92–99 mmboe.
Barossa and Pikka Phase 1 projects on track for start-up in Q3 2025 and Q1 2026, respectively.
Unit production cost guidance revised down to $7.00–$7.40/boe, targeting below $7/boe in 2026.
Targeting $150 million in annual structural savings over the next 18 months.
Gearing expected to temporarily increase as projects complete, then reduce as new revenues materialize.
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