Highlights

  • Santos delivered Q3 production of 21.3 mmboe, with year-to-date production reaching 65.4 mmboe.
  • Annuity-free cash flow from operations for the quarter was approximately AUD 300 million, contributing to AUD 1.4 billion year-to-date.
  • Barossa LNG commenced production phase commissioning, with first LNG cargo on track for Q4 2025.

Santos Limited (ASX:STO) has reported free cash flow from operations of approximately AUD 300 million for the third quarter, bringing the year-to-date total to around AUD 1.4 billion. The company maintained steady production and advanced several key developments across its project portfolio.

Financial and Production Summary

Quarterly production was 21.3 million barrels of oil equivalent (mmboe), contributing to 65.4 mmboe year-to-date. Sales volumes reached 21.5 mmboe, up 1% from the same period last year. Quarterly sales revenue totalled AUD 1.1 billion, bringing cumulative revenue for 2025 to AUD 3.7 billion.
Santos reported gearing of 22.9% excluding operating leases, or 28.2% including leases, reflecting the addition of the BW Opal FPSO to the balance sheet following its Ready for Start-Up (RFSU) status.

PNG LNG and Gas Production

The PNG LNG project achieved an annualised run rate of 8.6 Mtpa during the quarter, supported by reliability above 98%. In Western Australia, domestic gas output was 8% higher year-to-date, backed by strong Halyard-2 well performance and stable operations at Varanus Island, which maintained 98% reliability.

GLNG and Roma Field Development

Upstream gas production from GLNG averaged 711 TJ per day. The project remains on track to deliver about 6 million tonnes (Mt) of LNG for the full year.
The Roma field set a new production record exceeding 220 TJ per day. Ongoing development across multiple fields included drilling, compressor upgrades, and new pipelines at Fairview and Scotia, further increasing reliance on GLNG’s own gas supply and reducing third-party dependence.

Cooper Basin and Moomba CCS Project

Output in the Cooper Basin improved as 50 wells and one compressor were brought back online after earlier flooding.
The Moomba Carbon Capture and Storage (CCS) Project met expectations, permanently storing over 1.3 million tonnes (gross) of CO₂e in its first operational year.

Other Operational Updates

The planned shutdown at Varanus Island was completed ahead of schedule, allowing operations to resume roughly 10 days early. The Ningaloo Vision FPSO was removed from Australian waters in August 2025 for deconstruction and recycling.
Santos received a 2025 S&P Corporate Sustainability Assessment score of 61, placing it in the top 10% of its global industry peers.

Strategic Partnerships

Santos entered a mid-term LNG supply agreement with QatarEnergy Trading LLC for approximately 0.5 Mtpa over two years starting in 2026. The company also signed three Memoranda of Understanding (MOUs) with ENGIE, Orica, and the Narrabri Shire Council to explore potential long-term domestic gas supply deals from the Narrabri Gas Project.

Barossa LNG Project

The BW Opal FPSO began production phase commissioning and operations after first gas receipt. All six Barossa field wells intersected high-quality reservoirs, with an average deliverability of around 300 million standard cubic feet (mmscf) per day. The Barossa LNG project remains on track to deliver its first LNG cargo in the fourth quarter of 2025.

Pikka Phase 1 Project

In Alaska, the Pikka Phase 1 development is more than 95% complete. Twenty-two wells have been drilled and finished, including a record well nearly 27,000 feet (8,200 metres) long—the longest in project history.
All 120 miles of pipeline have been tested and are ready for service, with key modules now under commissioning. The project remains scheduled for first oil in Q1 2026, with full production of 80,000 barrels per day (gross) expected by mid-2026.