Santos (STO) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with acknowledgments to traditional landowners and an overview of the agenda, including safety procedures and voting instructions.

• Board members and executives were introduced, and the meeting was declared open with a quorum present.

Financial performance review

• 2024 saw strong financial results: AUD 1.9 billion free cash flow, 87 million barrels of oil equivalent produced, and AUD 5.4 billion in revenue.

• Total dividends for 2024 were AUD 0.233 per share, with a final unfranked dividend of AUD 0.103 per share.

• Since 2016, over AUD 12 billion in free cash flow has been generated, with more than AUD 4 billion returned to shareholders.

• A new capital allocation framework will target at least 60% of free cash flow returned to shareholders from 2026, with potential for up to 100% if gearing is below 15%-25%.

• A cost reduction program targeting AUD 100-150 million in structural savings over the next 1-2 years was announced.

Board and executive committee updates

• Board renewal focused on maintaining and strengthening skills in energy transition and climate, with new directors bringing relevant expertise.

• CEO Kevin Gallagher confirmed his ongoing commitment and highlighted the strength and evolution of the management team.