• 2P reserves of 1,484 mmboe, up 13 mmboe before production
• 95% 1P reserves replacement ratio
• 62% of 2P reserves are developed
• 40% of 2P reserves held in international assets
• 2C contingent storage resources increased 24 million tonnes to 202 million tonnes

Santos Ltd has released its 2025 Annual Reserves Statement, reporting proved plus probable (2P) reserves of 1,484 million barrels of oil equivalent (mmboe) at the end of 2025. This represents an increase of 13 mmboe before production compared with 2024, driven primarily by additions in the Cooper Basin and PNG assets. Santos' 2P reserves life is 17 years, with a 95% 1P reserves replacement ratio. Developed reserves represent 62% of total 2P reserves, and 2P reserves held in international assets comprise 40% of Santos' total 2P reserves. The 2P reserves mix comprises 83% gas and 17% liquids. 2C contingent resources decreased to 3,212 mmboe at the end of 2025, following the divestment of Santos' interests in the Petrel and Tern fields. However, 2C contingent storage resources increased 24 million tonnes to 202 million tonnes in the Cooper Basin. Santos also provided additional guidance on its 2025 full year results, including expected revenue, cost of sales, impairment losses, and other financial metrics.

Revenue from contracts with customers - product sales ~$4,939 million; Cost of sales ~$3,250-$3,300 million; Impairment loss (adjusted for underlying earnings) ~$137 million; Effective tax rate ~31%.