• Free cash flow from operations of ~$1.8 billion for the full year
• Barossa LNG first cargo loading underway
• Pikka phase 1 nearing mechanical completion, on track for first oil in Q1 2026

Santos reported outstanding base business performance in Q4 2025, with free cash flow from operations of ~$380 million for the quarter and ~$1.8 billion for the full year. Production was 22.3 mmboe in Q4, up 5% on the prior quarter, while sales volumes were 24.8 mmboe, up 15%. The company's Barossa LNG project continued start-up and commissioning activities, with the BW Opal FPSO ramping up gas export volumes to around 75% of plant capacity. LNG production commenced following completion of the Darwin LNG life extension project. The first LNG cargo has been sold and is currently being loaded for delivery to Japan. Pikka phase 1 in Alaska is 98% complete and nearing mechanical completion, with 24 wells drilled and completed by the end of Q4. The project remains on track for first oil late in Q1 2026. Santos' disciplined capital management was reflected in a $1 billion bond issuance, early repayment of the PNG LNG project finance facility, and the divestment of non-core assets. The company remains focused on executing its strategy, with Barossa LNG and Pikka phase 1 expected to lift production by 25-30% by 2027 compared to 2024 levels.

Santos provided the following guidance for 2026: - Production volumes of 101 to 111 mmboe - Sales volumes of 101 to 111 mmboe - Total capital expenditure of ~$1.95 to $2.15 billion - Unit production costs of $6.95 to $7.45 per boe