Santos (STO) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with an acknowledgment of traditional landowners and a review of major project progress, including Moomba CCS, Barossa LNG, and Pikka, with a formal declaration of quorum and voting procedures explained.

• Board and executive introductions were made, and shareholders were encouraged to participate in Q&A and voting throughout the meeting.

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 cumulative free cash flow was generated, with more than AUD 4 billion returned to shareholders.

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

Board and executive committee updates

• Board renewal was discussed, emphasizing recruitment of directors with energy transition expertise and annual skills assessment.

• The board highlighted strong management, safety performance, and ongoing commitment to shareholder value and community engagement.