• Increased production of 22.5 mmboe, up 1% on prior quarter and 3% on prior year
• Sales revenue of ~$1.27 billion, up 3% on prior quarter
• Free cash flow from operations of ~$383 million, in line with prior quarter
• Full year 2026 guidance remains unchanged

Santos delivered a disciplined financial performance in the first quarter of 2026, with increased production of 22.5 mmboe, up 1% on the prior quarter and 3% on the corresponding period in 2025. Sales revenue for the quarter was approximately $1.27 billion, up 3% on the prior quarter. Free cash flow from operations was ~$383 million, in line with the prior quarter. The company's full year 2026 guidance remains unchanged. Key operational highlights include the Pikka phase 1 project reaching mechanical completion, with first sales oil expected in the coming weeks, and the Barossa floating storage and offloading facility expected to commence ramping up production. The successful Quokka-1 appraisal well in Alaska confirmed a high-quality Nanushuk reservoir, representing a material addition to the development runway in the region. Santos also secured a 10-year, 200 petajoule conditional gas sales agreement with the South Australian Government and reached a final investment decision on the Moomba Central Optimisation project, targeting over $600 million in capital and operating cost savings. The company continues to play an important role in supporting Australia's domestic energy security and economic development.

Full year 2026 production and sales volumes guidance of 101 to 111 mmboe. Total capital expenditure guidance of ~$1.95 to $2.15 billion. Unit production costs guidance of $6.95 to $7.45 per boe.

Santos is well positioned to deliver production growth within its $45 to 50 per barrel all-in free cash flow break even target range as Barossa ramps up and Pikka phase 1 comes online, setting the company up to deliver sustainable, long-term value and competitive shareholder returns.