Earnings release
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Third Quarter Report For period ending 30 September 2026 ASX: STO | PNGX: STO | ADR: SSLZY Media enquiries Julia Ebbs +61 (0) 478 656 891 Julia.Ebbs@santos.com Santos Limited ABN 80 007 550 923 GPO Box 2455, Adelaide SA 5001 T +61 8 8116 5000 F +61 8 8116 5131 www.santos.com Investor enquiries Lucia Walsh +61 (0) 438 872 151 Lucia.Walsh@santos.com 22 October 2026 Record quarterly production, Barossa achieved steady production, Pikka online • Record quarterly p roduction of 26. 3 mmboe for the third quarter , up almost 14 per cent on the prior quarter and 23 per cent on the prior corresponding period. Production year-to-date of 71.9 mmboe is almost 10 per cent higher than the prior corresponding period. • Sales volumes of 26.4 mmboe for the third quarter, an increase of 11 per cent on the prior quarter. • Barossa achieved steady production during the third quarter with Darwin LNG operating at 9 8.5 per cent reliability, with ten LNG cargoes and two condensate cargoes lifted. • Pikka oil production briefly reached minimum expected plateau rate before the end of the third quarter. Production was temporarily curtailed on two occasions after a weather even t affected the Seawater Treatment Plant, which was still in its start -up phase, and when the operator of the Kuparuk pipeline shutdown following a road accident that impacted the pipeline. Production is planned to be held at around 70,000 barrels per day for a short period of time to allow water injection to replenish reservoir voidage, as part of a disciplined reservoir management plan. Record free cash flow from operations, continuing strong financial performance • Record free cash flow from operations of ~$1,069 million for the third quarter, year -to-date free cash flow from operations ~$1,447 million, driven by record production. • Free cash flow of ~$957 million for the third quarter, bringing year -to-date free cash flow to ~$839 million. • Sales revenue of ~$2,006 million for the third quarter, an increase of 49 per cent on the prior quarter and 78 per cent on the prior corresponding period. Reliable operations across the base business • Seawater injection commenced at Pikka during the third quarter and the first oil cargo was lifted in August. Five Pikka oil cargoes were lifted in the third quarter, two of which carried Santos equity volumes. Thirty-two development wells have been drilled to date. • Barossa achieved steady production during the third quarter, with feed gas to Darwin LNG reaching a new record peak of approximately 600 mmscf per day. Darwin LNG reliability was 98.5 per cent for the third quarter. • Early results from the Jibera South 1 appraisal well in the Beetaloo sub -basin show the shale layers running consistently across the area. All three main layers hold thick, gas-rich rock with the Velkerri C shales better than expected, and the A and B shales in-line with pre-drill expectations. This provides confidence for a ‘cube’ approach, developing all three layers simultaneously, which could help unlock more value from the Santos acreage. The pilot hole was drilled through to total depth early in the fourth quarter with drilling rates in-line with the best in the basin benchmarks. • PNG LNG plant reliability of more than 98 per cent support ed an annualised run rate of 8.7 Mtpa of LNG. Santos-operated PNG gas facilities contributed 16 per cent of PNG LNG feedstock. • Construction commenced on the Agogo Production Facility tie -in project, with all major design and construction contracts awarded. • GLNG upstream production remained stable at 697 TJ per day (gross), with 22 contracted LNG cargoes shipped. Arcadia delivered upstream facility reliability of more than 99.5 per cent. • Varanus Island midstream facilities achieved reliability of 99.4 per cent during the third quarter and the Halyard 2 well continues to exceed expectations, producing approximately 85 TJ per day with zero water breakthrough. • Moomba carbon capture and storage (CCS) has safely and permanently stored more than 2.5 million tonnes (gross) of CO2e since start up in September 2024, and the Moomba gas processing plant achieved reliability of more than 99 per cent for the third quarter.
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Page 2 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Advancing disciplined development and commercial opportunities • Santos executed a binding agreement to acquire an additional 3.3 per cent participating interest in the Papua LNG project from TotalEnergies, increasing Santos’ interest to 21 per cent (post State back - in). Completion is conditional on regulatory approvals and the Papua LNG project achieving FID, planned for the fourth quarter of 2026. • The Tier 1 Benefit-Sharing Agreement with PNG landholders was signed in early October, marking a key milestone towards Papua LNG FID. The agreement follows the completion of Tier 1 negotiations under the PNG government-led Development Forum. • A revised project agreement with the PNG government for the Papua LNG project was signed during the third quarter, establishing fiscal terms that support the project’s progression to FID. • Following the end of the third quarter, operatorship of the upstream Papua LNG project was transferred from TotalEnergies to ExxonMobil, which now operates both the upstream and downstream components of the project. • The GLNG joint venture partners entered into binding agreements to acquire the Greater Meridian coal seam gas (CSG) project in Queensland, with Santos acquiring a 30 per cent interest and becoming operator upon completion of the transaction (targeted for late 2026, subject to regulatory approvals). • Santos completed the divestment of its interest in the Mahalo joint venture, receiving total initial proceeds of approximately A$32 million (US$23 million), with A$30 million in contingent cash payments payable upon gross production milestones for the Mahalo project, subject to its development, taking total consideration up to approximately A$62 million (US$44 million). • Santos agreed key commercial terms with POSCO Steel Co., Ltd for a 10 -year LNG supply arrangement, and entered into a non -binding Heads of Agreement with Western LNG to purchase approximately 1 Mtpa of LNG from the proposed Ksi Lisims LNG project in Canada. Santos Managing Director and Chief Executive Officer Kevin Gallagher said the September quarter delivered the step - change in production and cash flow that Santos had been working towards, with record quarterly production and free cash flow from operations as Barossa achieved steady production and Pikka progressed its ramp up towards plateau production. In the third quarter, ~50 per cent of Santos’ free cash flow was generated from its international operations (in PNG and Alaska). “Production of 26.3 mmboe was up almost 14 per cent on the June quarter and 23 per cent on the September quarter last year. That is the growth we said would follow as Barossa and Pikka came online. The inflection point is here, and I expect more to come in the fourth quarter as Barossa continues its journey to high reliability and Pikka gets a full quarter online. “Our base business also continued to perform, with reliability of more than 98 per cent at both PNG LNG and Darwin LNG, more than 99 per cent at Moomba and 100 per cent at GLNG’s Curtis Island facility. That reliability, together with our disciplined low-cost operating model, drove record free cash flow from operations of approximately $1,069 million and free cash flow of approximately $957 million. “Pikka reached instantaneous production rates above 80,000 barrels of oil per day (gross) before the end of the third quarter, and production was 69,000 barrels of oil per day (gross) at the end of the quarter. Production was temporarily curtailed on two occasions following a weather event that affected the Seawater Treatment Plant, which was still in its start-up phase, and when the operator of the Kuparuk pipeline shut-in after a road accident impacted the pipeline. Import gas supply to Pikka was suspended during the required pipeline integrity checks, after which production resumed. “Production is now planned to be curtailed for a short period of time while water injection replenishes reservoir voidage before ramping up to 80,000 barrels of oil per day (gross). This is a deliberate decision, and part of our disciplined approach to reservoir management. Production guidance for 2026 has been narrowed to 99 to 102 mmboe (previously 99 to 105 mmboe). “Beyond the producing assets, we continued to pursue growth around our existing infrastructure with two binding agreements. We are increasing our interest in Papua LNG to 21 per cent (post State back-in), ahead of planned FID in the fourth quarter of 2026. With our GLNG partners, we are also acquiring the Greater Meridian CSG project, where we
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Page 3 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 will become operator. Both agreements remain subject to regulatory approvals, while the Papua LNG acquisition is also conditional on FID. “In the Beetaloo sub-basin, we spudded the Jibera South 1 appraisal well, a critical milestone as we work to prove the commerciality of this potential world-class gas resource. After the end of the quarter, in October, we drilled the pilot hole through the target shales to a total depth of 3,457 metres. Results for the Velkerri A and B shales were consistent with pre-drill expectations and the Velkerri C shales were better than prognosed, which increases our confidence in a multi- horizon development that multiplies our effective acreage resource potential. On-bottom drilling rates matched best-in- basin performance. Once wireline logging is complete, we will drill the 3,000-metre lateral production hole. “With Barossa and Pikka online, we are a larger, more diversified, higher -margin business with a strong pipeline of backfill and growth options. Our focus now is running the business well: keeping Barossa and Pikka at steady production, progressing Papua LNG towards planned FID in the fourth quarter , and holding to our disciplined low -cost operating model. “As part of our disciplined low-cost operating model we remain committed to our capital allocation framework, delivering disciplined growth within a $45–50 per barrel free cash flow breakeven, targeting less than $50 per barrel in 2026 ,” Mr Gallagher said.
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Page 4 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Comparative performance Santos share Unit Q3 2026 Q2 2026 Change 2026 YTD 2025 YTD Change Production mmboe 26.3 23.1 13.9% 71.9 65.4 9.9% Sales volume mmboe 26.4 23.8 10.9% 74.4 68.7 8.3% Sales revenue $million 2,006 1,349 48.7% 4,626 3,709 24.7% Capital expenditure1 $million 511 481 6.2% 1,433 1,784 (19.7%) 1. Capital expenditure including restoration expenditure but excluding capitalised interest Sales volumes Product Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD LNG 000 t 1,599.3 1,529.9 1,186.9 4,630.5 3,815.5 Domestic sales gas PJ 44.2 42.9 45.3 130.1 142.3 Crude oil 000 bbls 1,365.9 725.5 1,037.2 3,407.2 4,155.6 Condensate 000 bbls 2,136.8 1,014.3 1,238.9 4,067.2 3,381.1 LPG 000 t 11.8 11.4 29.0 50.4 66.6 Sales Own product mmboe 25.0 20.1 19.8 65.1 62.4 Third-party mmboe 1.4 3.7 1.7 9.3 6.3 Total sales volume mmboe 26.4 23.8 21.5 74.4 68.7 Third-quarter sales volumes increased 11 per cent on the prior quarter and 23 per cent on the corresponding quarter last year, supported by six Barossa LNG equity cargoes, higher condensate sales , including two Barossa condensate equity cargoes, one Pikka equity cargo and higher Cooper Basin crude oil sales. This was partially offset by lower PNG LNG sales volumes and lower third-party sales. Sales revenues Product Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD LNG $million 1,363 901 689 3,107 2,287 Domestic sales gas $million 292 238 267 773 839 Crude oil $million 135 87 74 322 310 Condensate $million 207 114 85 391 235 LPG $million 9 9 15 33 38 Sales Own product $million 1,894 1,106 1,051 4,047 3,391 Third-party $million 112 243 79 579 318 Total sales revenue $million 2,006 1,349 1,129 4,626 3,709 Third-party purchase costs $million 73 255 51 533 230 Third-quarter sales revenue increased 49 per cent on the prior quarter, largely driven by higher realised LNG pricing, higher LNG sales volumes from Barossa and higher crude oil and condensate sales volumes.
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Page 5 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Average realised prices Product Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD LNG price1 US$/mmBtu 16.22 11.21 11.05 12.77 11.41 Oil indexed US$/mmBtu 15.93 10.87 10.83 12.27 11.12 JKM indexed US$/mmBtu 18.33 14.83 12.32 16.39 13.03 Domestic gas price US$/GJ 6.61 5.55 5.89 5.94 5.89 East coast domestic2 US$/GJ 7.63 5.63 6.29 6.45 6.37 West coast domestic US$/GJ 5.72 5.45 5.55 5.53 5.41 Crude oil price1 US$/bbl 99.04 120.33 71.30 94.63 74.57 Condensate price1 US$/bbl 96.66 112.11 68.73 95.92 69.60 LPG price US$/t 740.20 837.28 499.69 657.18 566.49 1. A combination of DES and FOB shipping in contracts. Crude and condensate are sold on a combination of Delivered at Place and FOB terms 2. Q3 2026 $7.53/GJ for Santos equity volumes and $7.35/GJ for third-party volumes Realised oil-linked LNG pricing increased on both the prior quarter and the corresponding quarter last year. The three - month lagged JCC averaged $111 per barrel, up from $67 per barrel in the second quarter , and realised JCC prices were the highest since the fourth quarter of 2022 . Realised crude oil and condensate pricing decreased on the prior quarter due to lower dated Brent and Platts Mean of Platts Japan (MOPJ) prices; however, it was higher than the corresponding quarter last year. Santos also announced two new, separate non -binding LNG agreements in September, strengthening its global LNG portfolio. Santos agreed key commercial terms with POSCO Steel Co., Ltd for the supply of LNG over 10 years on a delivered ex-ship basis, commencing in 2030 or 2031. Santos also entered into a non-binding Heads of Agreement with Western LNG and its partners to purchase approximately 1 Mtpa of LNG from the proposed Ksi Lisims LNG project in British Columbia, Canada, on a free on-board basis, for a term of up to 20 years commencing from approximately 2031. Both transactions are subject to the negotiation and execution of definitive agreements, satisfaction of customary conditions precedent and all required corporate approvals. Production by asset Asset Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD PNG mmboe 10.2 10.2 10.2 30.2 30.3 Northern Australia mmboe 4.0 1.7 - 7.1 0.2 Western Australia mmboe 4.5 4.5 4.5 13.7 15.4 Queensland & NSW mmboe 3.6 3.6 3.7 10.7 10.8 Cooper Basin mmboe 3.0 3.0 2.9 9.1 8.7 Alaska mmboe 1.0 0.1 - 1.1 - Total production mmboe 26.3 23.1 21.3 71.9 65.4 Production by product Product Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Sales gas to LNG plant PJ 89.9 77.7 68.5 240.9 201.9 Domestic sales gas PJ 43.1 43.4 42.6 130.7 135.4 Crude oil 000 bbls 1,978.9 1,013.6 1,068.7 4,036.2 3,985.7 Condensate 000 bbls 1,244.2 1,067.2 975.8 3,357.3 3,040.4 LPG 000 t 19.8 22.6 19.3 66.9 64.0 Total production mmboe 26.3 23.1 21.3 71.9 65.4 Third quarter production increased on the prior quarter, primarily due to Barossa reaching steady production, which lifted sales gas to LNG and condensate volumes, as well as the ramp-up of crude oil production at the Pikka oil project.
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Page 6 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Injected volumes Product Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Moomba CCS ktCO2e 182.2 237.5 214.0 653.5 664.4 Total injected volumes ktCO2e 182.2 237.5 214.0 653.5 664.4 2026 Guidance Guidance item Updated 2026 guidance Prior 2026 Guidance Production volumes 99 to 102 mmboe 99 to 105 mmboe Sales volumes 102 to 105 mmboe 102 to 108 mmboe Total capital expenditure1 unchanged ~$1.95 to $2.15 billion Unit production costs unchanged $6.95 to $7.45 per boe Depreciation, depletion, and amortisation2 unchanged ~$2,200 million 1. Capital expenditure guidance excludes capitalised interest 2. Reflects the change in the reserves base used in the calculation of depletion from 2P reserves to 1P reserves Full year production guidance has been narrowed to 99 to 102 mmboe (previously 99 to 105 mmboe) . This is primarily due to the Pikka oil project, with delays to the commissioning of the Seawater Treatment Plant and production curtailment in the third quarter due to a weather event and the Kuparuk pipeline incident. Sales volume guidance has been narrowed to 102 to 105 mmboe, in line with the production guidance change. Capital expenditure, unit production cost, depreciation, depletion and amortisation guidance are unchanged. Revenue, production and capital expenditure tables in Excel format are available on Santos’ website.
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Page 7 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 PNG Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Sales volume LNG1 000 t 792.0 905.8 811.3 2,366.0 2,531.1 Sales gas PJ 2.1 2.1 2.3 6.2 7.0 Condensate 000 bbls 784.9 710.5 693.9 1,923.9 2,049.8 Crude oil 000 bbls 455.3 453.4 475.1 1,138.8 1,451.4 Total sales volume mmboe 9.2 10.1 9.2 26.7 28.7 Total sales revenue $million 845 687 590 1,977 1,892 Production PNG LNG1 Sales gas to LNG plant1 PJ 52.2 52.2 52.0 154.2 153.3 Condensate 000 bbls 541.5 555.9 575.1 1,652.8 1,718.0 Sales gas PJ 1.1 1.3 1.5 3.8 4.7 Crude oil 000 bbls 406.6 440.6 506.1 1,320.7 1,512.6 Total production mmboe 10.2 10.2 10.2 30.2 30.3 Capital expenditure $million 78 60 40 201 163 1. Includes SE Gobe PNG LNG operational data (gross) Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Production LNG 000 t 2,205 2,180 2,187 6,512 6,476 Sales gas to LNG plant PJ 132 131 131 390 388 Condensate1 000 bbls 1,329 1,345 1,407 4,033 4,192 Sales gas (SE Gobe)2 PJ 3 3 3 9 11 LNG cargoes shipped3 30 29 30 87 87 1. Measured at the Kutubu entry point 2. Purchased by PNG LNG 3. LNG cargoes shipped: includes 3 Santos liftings under equity marketing PNG LNG plant reliability remained at more than 98 per cent, supporting an annualised run rate of 8.7 Mtpa in the third quarter. Production from Santos operated PNG gas facilities contributed 16 per cent of PNG LNG feedstock, with the Central Processing Facility reliability at 96 per cent. Execution of the Agogo Production Facility tie -in project progressed, with all major design and construction contracts awarded and construction commenced during the third quarter. Rig reactivation for the oil infill drilling campaign was completed during the third quarter. The program was approved by the National Petroleum Authority, and the first well spudded after the end of the third quarter. Execution of the Kutubu Pipeline System Floating Storage and Offtake (KPS FSO) project continues, with conversion of the FSO vessel progressing in the shipyard in Malaysia. Line pipe was delivered, and the installation barge is ready, with subsea installation planned in the fourth quarter. The Papua LNG project, which is now operated by ExxonMobil, continues to progress towards planned FID for the fourth quarter of 2026. The government-led Development Forum reached a Tier 1 Benefit-Sharing Agreement, signed in early October, which is a key milestone for FID. During the third quarter a revised project agreement was signed, establishing fiscal terms that support the project's progression to FID, subject to parliamentary approvals. In September, TotalEnergies and ExxonMobil agreed to transfer operatorship of the Papua LNG project to ExxonMobil PNG Antelope Limited, in parallel with a partial sell -down of TotalEnergies’ participating interest to the existing joint venture partners. As part of the transaction, Santos executed a binding agreement to acquire an additional 3.3 per cent interest from TotalEnergies, increasing Santos’ interest in Papua LNG to 21 per cent (post State back -in), subject to regulatory approvals and achieving FID. Following the end of the third quarter, operatorship transferred to ExxonMobil PNG Antelope Limited.
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Page 8 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Northern Australia Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Sales volume LNG 000 t 406.2 - - 537.2 - LNG (Third Party) 000 t - 209.6 - 480.4 - Sales gas PJ - - - - 0.9 Condensate 000 bbls 799.2 - 73.0 799.2 224.1 LPG 000 t - - 18.0 - 18.0 Total sales volume mmboe 4.7 2.0 0.2 10.5 0.5 Total sales revenue $million 430 165 12 840 32 Production Sales gas to LNG Plant PJ 21.4 9.3 - 38.2 - Sales gas PJ - - - - 1.0 Condensate 000 bbls 320.2 143.8 - 557.7 77.1 LPG 000 t - - - - 0.9 Total production mmboe 4.0 1.7 - 7.1 0.2 Capital expenditure $million 29 18 129 82 382 DLNG operational data (gross) Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Production LNG 000 t 702 299 - 1,237 - Sales gas PJ - - - - 3 Condensate1 000 bbls 6 3.8 - 13 222 LNG cargoes shipped 10 4 - 17 - 1. Includes NGL Condensate recovered at DLNG Production from the Barossa floating production storage and offtake (FPSO) facility ramped to steady production during the third quarter. Ten LNG cargoes were loaded during the third quarter. The quarter-end cadence was approximately one cargo every eight days. The first Barossa condensate cargo was safely loaded from the FPSO, with two cargoes lifted during the third quarter. In the Beetaloo sub-basin, the Jibera South 1 appraisal well was spudded, and the intermediate hole drilled, and casing installed and cemented. In October, just after the end of the quarter, the pilot hole was successfully drilled through the target shales to a depth of 3,457 metres. Drilling rates were in line with the best in the basin. Early results show the shale layers running consistently across the area, with thick, gas -rich rock right through the heart of the EP161 dry gas zone. The Velkerri A and B Shales were in line with pre -drill expectations, and the Velkerri C Shales were better than expected. This increases confidence in a ‘cube’ approach, developing multiple layers together, which multiplies the potential of the Santos acreage. Once wireline logging is complete, the 3,000-metre horizontal production section will be drilled.
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Page 9 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Western Australia Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Sales volume Sales gas PJ 26.3 26.7 26.9 79.8 84.3 Condensate 000 bbls 307.8 151.1 314.5 782.0 635.1 Crude oil 000 bbls - - 54.4 546.2 1,211.2 Total sales volume mmboe 4.9 4.7 5.0 15.1 16.3 Total sales revenue $million 181 163 175 554 593 Production Sales gas PJ 24.2 24.6 23.8 73.6 78.2 Condensate 000 bbls 238.9 235.2 243.0 710.4 800.3 Crude oil 000 bbls 104.2 68.2 161.9 339.2 1,168.0 Total production mmboe 4.5 4.5 4.5 13.7 15.4 Capital expenditure $million 75 65 94 194 223 The Halyard 2 well continues to exceed expectations, producing at approximately 85 TJ per day with zero water breakthrough. During the third quarter a rig contract was awarded for the 2027 drilling of the John Brookes infill well. In the Bedout Basin, three exploration wells are planned for 2027 to test integrated oil and gas prospects. All drilling rig contracts have been awarded for the program. During the third quarter, the Mutineer Exeter Fletcher Finucane (MEFF) subsea asset removal campaign continued .
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Page 10 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Queensland & NSW Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Sales volume GLNG Joint Venture LNG 000 t 401.0 414.5 375.6 1,246.8 1,284.3 Domestic contracts PJ 1.4 1.7 2.8 3.3 8.2 Eastern Qld (non-GLNG)1 PJ 5.0 3.3 4.5 12.4 13.5 Total sales volume2 mmboe 4.8 4.8 4.8 14.4 15.8 Total sales revenue2 $million 360 224 246 825 841 Production GLNG Joint Venture PJ 16.3 16.2 16.5 48.5 48.6 Eastern Qld (non-GLNG)1 PJ 4.3 4.2 4.3 12.8 12.9 NSW PJ 0.3 0.4 0.4 1.0 1.1 Total production2 mmboe 3.6 3.6 3.7 10.7 10.8 Capital expenditure $million 73 65 70 209 181 1. Combabula, Scotia (Santos legacy domestic volumes), and Spring Gully 2. Total sales volume, sales revenue and production include sales gas from NSW assets GLNG operational data (gross) Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Sales gas to domestic market1 PJ 19 14.6 21 40 56 LNG produced2 000 t 1,330 1,378 1,314 4,216 4,379 Sales gas to LNG plant GLNG equity gas PJ 45 49.4 44 151 136 Santos portfolio gas PJ 14 14 14 42 42 Third-party PJ 21 19.4 21 61 86 Total sales gas to LNG plant PJ 80 83 79 253 264 LNG cargoes shipped3 22 23 21 69 72 1. Includes APLNG equity share of Fairview, Arcadia and Roma East 2. Includes LNG produced from GLNG equity gas, Santos portfolio gas and third -party quantities 3. LNG cargoes shipped: Gross Santos share is 30 per cent GLNG upstream production was stable during the third quarter, averaging 697 TJ per day (gross), with 22 cargoes shipped. The GLNG plant is expected to operate at an annualised run rate of 5.6 Mtpa, as third-party purchases reduce as planned. The Roma field production was steady, averaging 223 TJ per day (gross). Development activities in Scotia progressed, with ten wells drilled. Arcadia delivered upstream facility reliability more than 99.5 per cent. Fairview production was steady, averaging 282 TJ per day (gross), while development continued, with ten wells drilled. Across the GLNG acreage 61 wells were drilled and 48 wells were connected during the third quarter. In Santos’ Taroom Trough acreage the first phase of well testing was completed on the Elixir Energy-operated Lorelle 3 well. The second phase of testing is planned for the fourth quarter of 2026. Elixir Energy are carrying the cost of the well and testing as part of their farm-in agreement for the permit area. Santos and its GLNG joint venture partners entered into binding agreements to acquire 100 per cent of the Greater Meridian CSG project (Meridian). Each GLNG partner will acquire a pro -rata share in line with its GLNG joint venture interest, with Santos acq uiring a 30 per cent interest and becoming operator of the project upon completion of the transaction. Completion is targeted for late 2026 and is conditional on regulatory approvals as well as other customary consents from counterparties. The acquisition increases proforma Santos ’ 2P reserves by 17 mmboe (as at 31 December 2025) and proforma annual production by approximately 1 mmboe. Meridian will become a fifth production hub for GLNG.
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Page 11 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Santos completed the divestment of its 42.86 per cent interest in the Mahalo joint venture to Comet Ridge Mahalo Pty Ltd, receiving total initial proceeds of approximately A$32 million (US$23 million). A$30 million in contingent cash payments are payable upon gross production milestones of the Mahalo joint venture, subject to its development, taking total consideration up to approximately A$62 million (US$44 million).
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Page 12 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Cooper Basin Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Sales volume Sales gas1 PJ 11.7 12.7 12.6 38.6 38.2 Condensate 000 bbls 245.7 153.9 159.5 563.4 482.7 LPG 000 t 11.9 11.5 11.2 50.6 49.1 Crude oil 000 bbls 534.9 271.4 507.7 1,345.8 1,492.9 Total sales volume mmboe 2.9 2.7 2.9 9.0 8.9 Total sales revenue $million 179 122 117 443 372 Production Sales gas PJ 13.0 12.9 12.6 39.4 37.5 Condensate 000 bbls 143.7 132.2 156.5 436.4 445.0 LPG 000 t 19.8 22.6 19.3 66.9 63.1 Crude oil 000 bbls 430.8 432.9 400.7 1,267.1 1,305.1 Total production mmboe 3.0 3.0 2.9 9.1 8.7 Capital expenditure $million 116 94 83 286 242 1. Sales volumes include own product and third-party volumes During the third quarter, 19 wells were drilled across the Cooper Basin (16 gas and 3 oil) and 13 wells (10 gas and 3 oil) were connected to production. Flood recovery activities from the 2025 floods continued in addition to record localised rainfall in the first half of 2026, with 18 flood-impacted wells and the Moomba North compressor facility returned to service in the third quarter. At 30 September 2026, 30 drilled but unconnected development wells were ready for connection. Additional resources have been deployed to accelerate well connections in the fourth quarter. The Moomba Central Optimisation (MCO) project remains on schedule , with orders now placed for all major rotating equipment and critical electrical packages. The project is targeting a significant reduction in unit production cost in the Cooper Basin once online.
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Page 13 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Alaska Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Total sales volume mmboe 0.4 - - 0.4 - Total sales revenue $million 30 - - 30 - Production Crude oil 000 bbls 1,037.2 72.0 - 1,109.2 - Total production mmboe 1.0 0.1 - 1.1 - Capital expenditure $million 80 142 193 347 538 Santos has been producing continuously from the Pikka oil project on Alaska's North Slope since June, progressing ramp-up to plateau production of approximately 80,000 barrels of oil per day (gross) through the third quarter. Seawater injection for reservoir pressure support commenced in the third quarter. Pikka reached instantaneous production rates above the planned 80,000 barrels of oil per day (gross), before production was curtailed following a weather event that affected the Seawater Treatment Plant, which was still in its start -up phase. At the end of September, 15 production wells and six injection wells were online, delivering gross production of approximately 69,000 barrels of oil per day, compared with approximately 23,000 barrels of oil per day at the end of June. After the end of the third quarter, as production resumed and ramp-up commenced, a third-party road accident impacted the Kuparuk pipeline. The pipeline operator temporarily curtailed production through and suspended import gas supply to Pikka during the required pipeline integrity checks, after which production resumed. Since the restart, production has ramped up. As part of disciplined reservoir management , production is planned to be held at approximately 70,000 barrels of oil per day (gross) for a period while water injection replenishes reservoir voidage, before ramping up to 80,000 barrels of oil per day (gross) . A total of 32 development wells have been drilled, with 28 stimulated and 26 flowed back, in line with pre -drill expectations. The first cargo was lifted in August. Five cargoes were lifted in the third quarter, two of which carried Santos equity volumes.
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Page 14 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Midstream & Energy Solutions Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Injected CO2e ktCO2e 182.2 237.5 214.0 653.5 664.4 Capital expenditure $million 35 23 15 72 42 Cooper Basin Moomba gas processing plant achieved reliability of more than 99 per cent in the third quarter. A planned shutdown on CO2 Train 5, including final vessel tie -ins and commissioning of a new absorber , was successfully completed. The Moomba CCS plant also underwent annual compressor maintenance and its first statutory inspection of the CCS heat recovery steam generator. Moomba CCS has safely and permanently stored more than 2. 5 million tonnes (gross) of CO2e since start up in September 2024. Volumes stored were impacted by the ongoing effects of the 2025 Cooper Basin floods, which reduced oil and gas production and, consequently, the availability of CO2 for capture. Monitoring and verification results remain consistent with expectations. Northern Australia & Timor-Leste Darwin LNG plant achieved reliability of 98.5 per cent in the third quarter. Production was steady, and feed gas to Darwin LNG reached a new record peak of approximately 600 mmscf per day. Western Australia The Varanus Island Midstream facilities achieved reliability of 99.4 per cent in the third quarter. The planned Train 1 shutdown at Varanus Island was completed safely during the third quarter.
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Page 15 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Corporate, exploration and eliminations Santos share Unit Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Total sales volume mmboe (0.4) (0.5) (0.6) (1.6) (1.5) Total sales revenue $million (19) (12) (10) (44) (21) Capital expenditure $million 25 14 8 42 14 Sales volumes and revenues in the corporate segment represent gas trading activities. Hedging Oil Price Hedging At the end of the third quarter, Santos held 5.7 mmbbl of Brent zero -cost collars with a weighted average floor price of US$67.10/bbl and a weighted average ceiling price of US$98.59/bbl, covering the period from October to December 2026. During the third quarter, Santos commenced hedging for 2027, executing 12.0 mmbbl of Brent zero-cost collars with a floor price of US$75.00/bbl and a weighted average ceiling price of US$98.21/bbl, covering the period from January to June 2027. After the end of the third quarter, Santos executed a further 12.0 mmbbl of Brent zero -cost collars with a floor price of US$75.00/bbl and a weighted average ceiling price of US$95.61/bbl, covering the period from July to December 2027. Santos also executed 7.0 mmbbl of Brent zero-cost collars with a floor price of US$80.00/bbl and a weighted average ceiling price of US$96.83/bbl, covering the period from January to December 2027. Foreign Exchange Hedging No new foreign exchange hedges were entered into during the third quarter. At the end of the third quarter, Santos had a total foreign exchange hedge position of A$474 million at a weighted average exchange rate of 0.6474 for the remainder of the 2026 calendar year, and A$1,585 million at a weighted average exchange rate of 0.6586 for the 2027 calendar year.
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Page 16 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Capital expenditure Total exploration, evaluation and development expenditure is summarised in the table below. $million Q3 2026 Q2 2026 Q3 2025 2026 YTD 2025 YTD Capital expenditure Exploration 28 15 17 55 38 Evaluation 63 39 20 146 66 Development and other capex (incl restoration) 420 427 594 1,232 1,680 Capital expenditure excl capitalised interest 511 481 631 1,433 1,784 Capitalised interest 9 46 72 100 215 Total capital expenditure 520 527 703 1,533 1,999 Exploration and evaluation expensed Exploration 19 12 12 45 30 Evaluation 1 1 - 2 2 Total current year expenditure 20 13 12 47 32 Write-off of amounts capitalised in prior years - - - - - Total expensed 20 13 12 47 32 Capital expenditure in the third quarter comprised $437 million of sustaining capital (including $ 78 million for decommissioning costs) and $74 million for major development projects. Seismic surveys Two seismic surveys were completed in the third quarter, with a third survey underway and expected to be completed in the fourth quarter of 2026. The two completed surveys were the Scotia 2D onshore seismic survey in the Surat and Bowen basins in Queensland, Australia, and the Eos 3D offshore seismic su rvey in the Bonaparte Basin. The Scotia 2D survey acquired data over CSG targets which will support the development program of the Upper Baralaba coal measures in the western area of our permit, PL1088. The primary objectives were to provide key information on the depth of target coals, to image major faults and to provide insight into coal seam extents and architecture. The Eos 3D offshore seismic survey’s primary objectives were to provide detailed structural and amplitude imaging of the reservoir/seal interface for each identified CO2 storage target to facilitate future CO2 plume monitoring and forward modelling, and to image tectonic and polygonal fault systems to assess and mitigate CO2 containment risk. The Arcadia 2D seismic survey in the Arcadia Valley is underway and expected to be completed in the fourth quarter of 2026. The survey aims to image targets with CSG potential adjacent to the currently producing Arcadia Field. Existing seismic data is of p oor to fair quality, and this survey is expected to improve the imaging and reduce subsurface uncertainty. Successful delineation could allow these targets to be developed as part of the greater Arcadia Development, operated by Santos.
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Page 17 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Drilling summary Exploration / Appraisal wells Cooper Basin gas Well name Area Santos Well status CHINSTRAP 1* QLD 60.06% C&S, Successful KIRBY 3 SA 100% Drilling NEURO 1 SA 66.67% C&S, Successful YARROW 4 SA 80.00% C&S, Successful *Spudded in Q2 2026, completed in Q3 2026 Northern Territory Gas Well name Area Santos Well status JIBERA SOUTH 1 NT 75% Drilling Development wells Cooper Basin gas Well name Area Santos Well status DULLINGARI 69 SA 100% P&A, Unsuccessful GEMBA 3 SA 66.60% C&S, Successful MOOMBA 425 SA 66.60% C&S, Successful MOOMBA 426 SA 66.60% C&S, Successful MOOMBA 427 SA 66.60% C&S, Successful MOOMBA 428 SA 66.60% C&S, Successful MOOMBA 429 SA 66.60% C&S, Successful MOOMBA 430 SA 66.60% C&S, Successful MOOMBA 431 SA 66.60% C&S, Successful MOOMBA 432 SA 66.60% C&S, Successful MOOMBA 433 SA 66.60% C&S, Successful SCRUBBY CREEK 2 SA 100% C&S, Successful YARROW 5 SA 80.00% C&S, Successful Cooper Basin oil Well name Area Santos Well status NARCOONOWIE 16 SA 66.60% P&A, Unsuccessful NARCOONOWIE 17 SA 66.60% P&A, Unsuccessful SHAZLICK 2 SA 100% P&A, Unsuccessful Alaska oil Well name Area Santos Well status NDBi-020 Pikka 51.00% C&S, Successful NDBi-040 Pikka 51.00% C&S, Successful NDB-015 Pikka 51.00% Drilling Queensland CSG gas Well name Area Santos Well status AVALON 37 * QLD 30.00% C&S, Successful AVALON 38 QLD 30.00% C&C, Successful AVALON 39 QLD 30.00% C&C, Successful AVALON 43 QLD 30.00% C&C, Successful AVALON 44 QLD 30.00% C&S, Successful AVALON 45 QLD 30.00% C&S, Successful AVALON 46 QLD 30.00% C&S, Successful AVALON 48 QLD 30.00% C&S, Successful AVALON 50 QLD 30.00% C&C, Successful CASTLE HILL 101 QLD 23.87% C&S, Successful CASTLE HILL 103 QLD 23.87% C&S, Successful CASTLE HILL 93 QLD 23.87% C&S, Successful CASTLE HILL 96 QLD 23.87% C&S, Successful CASTLE HILL 99 QLD 23.87% C&S, Successful FV08-26-3 QLD 22.85% Drilling FV08-28-2 * QLD 22.85% C&C, Successful FV08-28-3 QLD 22.85% C&S, Successful FV08-28-4 QLD 22.85% C&S, Successful FV08-28-5 QLD 22.85% C&S, Successful FV08-33-4 * QLD 22.85% C&S, Successful FV08-33-5 QLD 22.85% C&S, Successful FV08-34-1 QLD 22.85% C&S, Successful FV08-34-2 QLD 22.85% C&S, Successful FV08-40-1 QLD 22.85% C&S, Successful FV08-40-3 QLD 22.85% Drilling FV08-41-1 * QLD 22.85% C&S, Successful FV08-41-2 QLD 22.85% Drilling RM22-59-1 QLD 30.00% Drilling RM40-113-1 QLD 24.57% C&S, Successful RM40-125-1 QLD 24.57% C&C, Successful RM40-15-1 QLD 24.57% C&C, Successful RM40-156-1 QLD 24.57% C&S, Successful RM40-57-1 QLD 24.57% C&C, Successful RM40-67-1 QLD 24.57% C&S, Successful RM40-68-1 QLD 24.57% C&C, Successful RM40-77-1 QLD 24.57% C&S, Successful RM40-97-1 QLD 24.57% C&S, Successful
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Page 18 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 RM90-106-1 QLD 24.57% C&S, Successful RM90-107-1 QLD 24.57% C&S, Successful RM90-126-1 QLD 24.57% C&S, Successful RM90-127-1 QLD 24.57% C&S, Successful RM90-128-1 QLD 24.57% C&S, Successful RM90-129-1 QLD 24.57% C&S, Successful RM90-135-1 QLD 24.57% C&C, Successful RM90-136-1 QLD 24.57% C&S, Successful RM90-137-1 QLD 24.57% C&S, Successful RM90-138-1 QLD 24.57% C&S, Successful RM90-143-1 QLD 24.57% C&S, Successful RM90-144-1 QLD 24.57% C&S, Successful RM90-145-1 QLD 24.57% C&C, Successful RM90-146-1 QLD 24.57% C&C, Successful RM90-147-1 QLD 24.57% C&S, Successful RM90-148-1 QLD 24.57% C&S, Successful RM90-154-1 QLD 24.57% C&C, Successful RM90-155-1 QLD 24.57% C&C, Successful RM90-156-1 QLD 24.57% C&S, Successful RM90-158-1 QLD 24.57% C&S, Successful RM90-159-1 QLD 24.57% C&C, Successful RM90-30-1 * QLD 24.57% C&C, Successful RM90-83-1 QLD 24.57% C&S, Successful SCOTIA 74 QLD 30.00% Drilling SCOTIA 78 QLD 30.00% C&S, Successful SUNNYHOLT 66 QLD 23.87% C&S, Successful SUNNYHOLT 68 QLD 23.87% C&S, Successful SUNNYHOLT 70 QLD 23.87% C&S, Successful SUNNYHOLT 72 QLD 23.87% C&S, Successful *Spudded in Q2 2026, completed in Q3 2026
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Page 19 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Abbreviations and conversion factors Abbreviations Conversion factors ACCU Australian Carbon Credit Unit Sales gas 1 PJ = 171,937 boe bbl barrel Crude oil 1 barrel = 1 boe boe barrels of oil equivalent Condensate* 1 barrel = 1 boe CCS carbon capture and storage LPG 1 tonne = 8.458 boe CO2 carbon dioxide LNG 1 PJ = 18,040 tonnes CO2e carbon dioxide equivalent LNG, 1 tonne 1 tonne = 52.54 mmBtu C&C cased and completed 1 ktCO2e injected ~894 ACCUs (credits) C&S cased and suspended DES delivered ex-ship DLNG Darwin LNG FEED front-end engineering design FID final investment decision FPSO floating production storage and offtake gas natural gas GJ gigajoules GLNG Gladstone LNG JCC Japan Customs-cleared Crude JKM Japan Korea Marker kbbls thousand barrels kt thousand tonnes ktCO2e kilotonnes carbon dioxide equivalent LNG liquefied natural gas LPG liquefied petroleum gas m million mmbbl million barrels mmboe million barrels of oil equivalent mmBtu million British thermal units mmscf million standard cubic feet Mt million tonnes Mtpa million tonnes per annum NFE near-field exploration NGL natural gas liquids mBRT metres below rotary table P&A plugged and abandoned pa per annum PJ petajoules PSC production sharing contract t tonnes TJ terajoules *Note to conversion factors: From 1 January 2026, condensate is converted on a volumetric basis of 1 bbl = 1 boe. The legacy condensate factor of 1 bbl = 0.935 boe is no longer representative of Santos diversified portfolio or standard industry practice. The change is applied on a go-forward basis and has an immaterial impact on reported production (less than 0.5%)
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Page 20 of 20 Santos Ltd l Third Quarter Report l 22 October 2026 Disclaimer This report contains forward-looking statements that are subject to risk factors associated with the oil and gas industry and the carbon capture and storage and carbon emissions reduction technologies industries. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations on any products we produce, store, trade or capture, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserves and resource estimates, loss of m arket, industry competition, envir onmental risks, carbon emissions reduction and associated technology risks, physical risks, legislative, fiscal and regulator y developments, economic and financial market conditions in various countries, approvals, conduct of joint venture participants and contractual counterparties and cost estimates. The forward -looking information in this report is based on management’s current expectations and reflects judgements, assumptions, estimates and other information available as at the date of this document and /or the date of Santos’ planning processes. There are inherent limitations with scenario analysis. Scenarios do not constitute definitive outcomes. Assumptions may or ma y not be, or prove to be, correct and may or may not eventuate, and scenarios may be impacted by factors other than assumptions made. Except as required by applicable regulations or by law, Santos does not undertake any obligation to publicly update or review any forward -looking statements, whether as a result of new information or future events. Forward-looking statements speak only as of the date of this report or the date planning process assumptions were adopted, as relevant. Our strategies and targets will adapt given the dynamic conditions in w hich we operate; it should not be assumed that any particular strategies, targets or implementation measures are inflexible or frozen in time. No representation or warranty, expressed or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forward -looking information contained in this report. Forward -looking statements do not represent guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond Santos’ control, and which may cause actual results to differ materially from those expressed in the statements contained in this report. The proforma increase in Santos' net 2P reserves attributable to the Greater Meridian CSG project is based on information previously disclosed in Santos' Media Release dated 24 August 2026 "GLNG acquires Meridian CSG project in Queensland and Santos completes Mahalo sale", which included a competent person statement prepared in accordance with PRMS 2018. All references to dollars, cents or $ in this document are to United States currency, unless otherwise stated. Totals in the tables may not add due to rounding. The symbol “~” means approximately and the symbol “-“ means zero. Free cash flow from operations (operating cash flows less investing cash flows net of acquisitions and disposals and growth capital expenditure, less lease liability payments) is a non-IFRS measure that is presented to provide an understanding of the performance of Santos’ operations. This ASX announcement was approved and authorised for release by Kevin Gallagher, Managing Director and Chief Executive Officer.