• Strong financial and operating performance with sales revenue of over US$1.4 billion in Q4 and US$5.4 billion for the full year
• Free cash flow of ~US$430 million in Q4 and US$1.9 billion for the full year, with a breakeven price of less than $33.50/bbl
• Completed sale of 2.6% interest in PNG LNG to Kumul Petroleum Holdings Limited for US$241 million

Santos reported strong financial and operating performance in the fourth quarter of 2024, with sales revenue of more than US$1.4 billion and free cash flow from operations of ~US$430 million. For the full year, sales revenue was US$5.4 billion and free cash flow was US$1.9 billion, with a free cash flow breakeven price of less than $33.50/bbl unhedged. Production for the fourth quarter was 21.5 mmboe, and 87.1 mmboe for the full year. The company completed the sale of a 2.6% interest in the PNG LNG project to Kumul Petroleum Holdings Limited, receiving a final payment of US$241 million, bringing the total cash consideration to US$602 million. Gearing at the end of 2024 was ~20.8% excluding operating leases, or ~24.0% when included. The Angore commissioning and clean-up activities were completed, with both wells online and performing in line with expectations. The Halyard-2 infill well was drilled, completed, and tested, with preliminary results indicating a recoverable gas volume approximately 20% above expectation. Santos also executed long-term LNG supply agreements with Shizuoka Gas Co. Ltd and TotalEnergies Gas & Power Asia Private Limited. The company's Moomba Carbon Capture and Storage (CCS) project ramped up throughout October, reaching full nameplate injection rate and injecting and storing almost 340,000 tonnes (gross) of CO2e in the fourth quarter. The Barossa Gas project is 88.3% complete and remains on track for first production in the third quarter of 2025, while the Pikka phase one project is 74% complete.

Production volumes of 90-97 mmboe and sales volumes of 92-99 mmboe in 2025. Capital expenditure of ~$1.2-$1.3 billion for sustaining and ~$1.2-$1.3 billion for major projects. Unit production costs of $7.00-7.50 per boe, with elevated costs in the first half of 2025 before moderating once the Barossa project comes online in the third quarter.

Santos' focus in 2025 will be on delivering the Barossa and Pikka projects within cost and schedule guidance. The company has a suite of high-quality development options for the future, including Dorado and the Bedout Basin, Narrabri, the Beetaloo Basin, PNG, and Alaska's North Slope, which will be progressed in accordance with its disciplined capital allocation framework.