Santos Limited (STO) Earnings Call Transcripts

Santos Limited's Latest Earnings Call - April 16, 2026

In the first quarter of 2026, Santos Limited (STO:AU) reported a strong operational performance despite a challenging global energy landscape. Revenue for 2025 was $4.9 billion, with an underlying net profit after tax of $898 million, and free cash flow of $1.8 billion. Management signaled a significant production increase of 25% to 30% by 2027, driven by the Barossa and Pikka projects, while maintaining a disciplined capital allocation framework targeting at least 60% of free cash flow for shareholder returns. The company achieved its 2030 emissions reduction target five years early, showcasing its commitment to sustainability.

Reported metrics

Guidance from management

Santos expects production to increase by 25% to 30% by 2027, driven by the Barossa and Pikka projects. The company maintains its commitment to returning at least 60% of all-in free cash flow to shareholders.

What management said

I tried to plan it to you earlier. I mean, basically, there's a depreciation element that accounts for the large capital investments we've made over the decades -- over the last -- sorry, decades -- the last few years. And that, that actually doesn't earn us tax credits. Thank you. Next question, James.

Well, the Narrabri project is still subject to an appeal process. And basically, until that process is resolved, there will be no progress on the project. We're minimizing our capital spend on that project, awaiting all the approvals that we need to get in place before we would seriously invest in that project. Thank you. Anything you want to add there, Kevin?

What analysts pressed on

Analysts expressed concerns regarding the potential decline in gas demand in Southeast Asia and China, questioning Santos' long-term strategy in a low gas demand environment. There were also inquiries about the company's ability to manage rising costs and maintain profitability amidst global market volatility.

Main topics on the call

• Production Growth Outlook — Santos is preparing for a 25% to 30% increase in production by 2027, driven by the Barossa and Pikka projects. CEO Kevin Gallagher stated, "The Barossa and Pikka teams are laser-focused on reaching steady-state and plate...
• Financial Performance — The company reported revenue of $4.9 billion and an underlying net profit after tax of $898 million for 2025. Gallagher noted, "Free cash flow from operations was $1.8 billion, highlighting the value of our diversified p...
• Decarbonization Success — Santos achieved its 2030 Scope 1 and Scope 2 emissions reduction target five years ahead of schedule, primarily through the Moomba CCS project. Gallagher emphasized, "Moomba CCS has stored more than 1.5 million tonnes of...
• Capital Allocation Framework — The Board updated its capital allocation framework to target at least 60% of all-in free cash flow for shareholder returns. Keith Spence stated, "The intention of that framework is to prioritize returns to shareholders, ...

Read the full Santos Limited transcript (April 16, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 24 Santos Limited earnings call transcripts on record, spanning February 20, 2020 to May 25, 2026. Based on this history, Santos Limited reports quarterly. The most recent call on file is dated May 25, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

STO

Exchange

ASX

Country

AU

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

24

First call

February 20, 2020

Most recent

May 25, 2026

Reporting cadence

quarterly