• Strong free cash flow of ~US$465 million
• Production up 2% to 21.9 mmboe
• Barossa LNG 95.2% complete, on track for Q3 2025 first gas

Santos delivered another quarter of strong operational and financial performance in Q1 2025. The company generated free cash flow from operations of ~US$465 million, up 9% from the prior quarter, on the back of sales revenue of US$1.3 billion. Production increased 2% to 21.9 mmboe, driven by higher volumes in Western Australia. Sales volumes were slightly lower at 23.3 mmboe, with lower liquids sales partially offset by a 3% increase in LNG sales. Santos' gearing remained low at 22.2% excluding operating leases. The company's development projects continued to progress, with Barossa LNG now 95.2% complete and on track for first gas in Q3 2025. Pikka Phase 1 is 82.2% complete and on track for mid-2026 start-up. Santos' Moomba CCS facility injected over 685,000 tonnes of CO2 in its first six months of operation. Despite market volatility, Santos maintained its full-year 2025 guidance for production, sales, capital expenditure, and unit production costs.

Santos' 2025 guidance remains unchanged, with production expected to be 90-97 mmboe, sales volumes of 92-99 mmboe, sustaining capital expenditure of ~$1.2-$1.3 billion, major project capital expenditure of ~$1.2-$1.3 billion, and unit production costs of $7.00-7.50 per boe.

Santos' focus in 2025 remains on operating its base business safely and reliably, bringing its development projects online within guidance, and maintaining a disciplined low-cost operating model. The company's portfolio is resilient in a volatile environment, and it is well-positioned to capitalize on emerging market opportunities.