• Barossa LNG commenced operations in 2025
• Pikka phase 1 is 98% complete and expected to deliver first oil late in Q1 2026
• Achieved 2030 Scope 1 & 2 net equity emissions target in 2025

In 2025, Santos delivered strong free cash flow of $1.8 billion and returned $770 million of declared dividends to shareholders. The company is well positioned to deliver further strong shareholder returns with imminent production growth from Barossa LNG and as it moves closer to the start-up of Pikka phase 1 late in the first quarter of 2026. Barossa LNG commenced operations in 2025, providing a new source of gas to the existing Darwin LNG plant. Pikka phase 1 is 98 per cent complete as of year-end 2025 and is forecast to deliver first oil late in the first quarter of 2026, expected to deliver 80,000 barrels of oil per day at full production. Santos also achieved its 2030 Scope 1 & 2 net equity emissions reduction target in 2025, with net emissions 42 per cent lower than the 2019-20 baseline. The company's Moomba Carbon Capture and Storage (CCS) project has been a key driver of emissions reductions, with Santos receiving 907,872 Australian Carbon Credit Units (ACCUs) for the project in 2025. Santos remains committed to delivering superior value for shareholders through its disciplined growth strategy and decarbonisation efforts.

Santos expects 25 to 30 per cent production growth by 2027 compared to 2024, driven by the start-up of Barossa LNG and Pikka phase 1.

Santos is well positioned to backfill, sustain and decarbonise its operations, build and grow production, and develop new low-carbon fuels as energy markets and customer demand evolves.