Highlights

  • Third-quarter production rose to 26.3 MMboe, 13.9% above the June quarter.
  • Quarterly sales Revenue increased to US$2,006 million, up 48.7% sequentially.
  • Barossa operated at 98.5% Darwin LNG reliability, while Pikka commenced oil shipments.

Santos Ltd (ASX:STO) operates in the energy and resources sector and disclosed a series of operational and financial developments in its latest ASX release. Its shares were quoted at AUD 8.94 and declined 2.61% on 28 October 2026. The company’s announcement sets out the reported results for its stated financial or operating period, with information on Business activity, operational indicators and management’s disclosed next steps. The update covers separately reported operational, financial and project measures for the periods identified by the company.

Quarterly Operating and Financial Figures

Santos reported production of 26.3 MMboe for the quarter ended 30 September 2026, compared with 23.1 MMboe in the previous quarter and 21.4 MMboe a year earlier. Sales reached 26.4 MMboe against 23.8 MMboe sequentially. Sales revenue was US$2,006 million, compared with US$1,349 million in the June quarter. Year-to-date production stood at 71.9 MMboe, while sales revenue totalled US$4,626 million. The company reported free Cash Flow from operations of approximately US$1,069 million for the quarter and free cash flow of approximately US$957 million.

Barossa, Pikka and Base Operations

Barossa achieved stable production and Darwin LNG reliability of 98.5%, with ten LNG cargoes and two condensate cargoes lifted during the quarter. Pikka lifted its first oil cargo in August and five oil cargoes during the reporting period. Production at Pikka experienced temporary interruptions associated with a seawater treatment issue and a Kuparuk pipeline shutdown. At GLNG, Upstream production remained stable at 697 TJ per day on a gross basis, with 22 contracted LNG cargoes shipped. PNG LNG reliability exceeded 98%, while Varanus Island facilities recorded 99.4% reliability.

Development Activity and Production Outlook

Santos executed an agreement to increase its interest in Papua LNG by 3.3 percentage points to 21%, subject to conditions including regulatory approvals and project sanction. A separate transaction with GLNG partners involved the proposed Acquisition of Greater Meridian coal seam gas interests. The Jibera South 1 appraisal well in the Beetaloo sub-basin encountered gas-rich shale layers. The company narrowed 2026 production guidance to 99–102 MMboe from 99–105 MMboe. Santos also reported more than 2.5 million tonnes of gross carbon dioxide equivalent stored at the Moomba carbon capture and storage Facility since start-up.

The reported figures and operational updates were provided by Santos Ltd (ASX:STO) for the period identified in its filing. Forecasts, targets, proposed transactions and commissioning schedules are company statements rather than completed outcomes. Where the announcement describes conditions, dependencies or approvals, those qualifications remain part of the disclosed position. Financial measures and operating units are retained separately to avoid presenting different measures as interchangeable.

The company’s comparative table reported year-to-date sales volumes of 74.4 MMboe versus 68.7 MMboe a year earlier, an 8.3% increase. Year-to-date sales revenue of US$4,626 million compared with US$3,709 million in 2025. Total quarterly capital expenditure, including restoration expenditure but excluding capitalised interest, reached US$511 million against US$481 million in the second quarter. Reported third-quarter LNG sales volumes reached 1,599.3 thousand tonnes, while domestic sales gas was 44.2 petajoules. The filing distinguished third-party products from Santos’s own-product sales and noted the effect of cargo timing on quarterly comparisons.

Source: Company ASX announcement; share figures provided for 28 October 2026.