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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.
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H1 2025 earnings summary25 Aug, 2025

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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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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