Santos (STO) AGM 2026 summary

Opening remarks and agenda

• Chair welcomed shareholders, acknowledged traditional landowners, and confirmed a quorum for the meeting, with polls opened for all resolutions.

• Introductions of board members, executive team, and auditors were made, and voting procedures were explained.

• Shareholders were invited to register questions, with a focus on maximizing participation and engagement.

Financial performance review

• Annual production reached 87.7 million barrels of oil equivalent, generating $4.9 billion in revenue and $1.8 billion in free cash flow.

• Underlying net profit after tax was $898 million, with the lowest unit production cost in a decade.

• Gearing reduced to 21.5% (excluding leases), and investment-grade credit ratings were maintained.

• Major projects delivered included Barossa Gas and Darwin LNG life extension, with first cargo shipped in early 2026.

Board and executive committee updates

• Board renewal process is underway, with the Chair set to retire in April 2027 and succession planning in progress.

• Board emphasized focus on safety, sustainability, capital discipline, and risk management.

• Janine McArdle and Vickki McFadden were re-elected as directors following successful proxy voting.