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Santos
Santos (STO) investor relations material
Santos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary15 Oct, 2025
Executive summary
Generated ~$300 million in free cash flow from operations in Q3, totaling $1.4 billion year-to-date.
Production reached 21.3 mmboe for the quarter, with year-to-date production at 65.4 mmboe.
Sales revenue was $1.1 billion for Q3, contributing to $3.7 billion year-to-date.
Major projects Barossa LNG and Pikka phase 1 are progressing, with Barossa LNG to ship first cargo in Q4 2025 and Pikka phase 1 first oil expected Q1 2026.
Operational excellence and a disciplined, low-cost model underpin strong results and future growth.
Financial highlights
Q3 sales revenue declined 12% sequentially to $1,129 million; year-to-date revenue down 7% year-over-year.
Q3 production fell 4% sequentially but was flat year-over-year; sales volumes down 10% sequentially, up 1% year-over-year.
Gearing at 22.9% (excluding leases), up due to BW Opal FPSO coming onto the balance sheet.
Capital expenditure for Q3 was $631 million, up 17% sequentially; year-to-date capex at $1,784 million.
Outlook and guidance
2025 production guidance narrowed to 89–91 mmboe (from 90–95 mmboe) due to Barossa FPSO delays and Cooper Basin flood impacts.
Sales volume guidance narrowed to 93–95 mmboe.
Capital expenditure, unit production cost, and DDA guidance unchanged.
Barossa LNG first cargo expected Q4 2025; Pikka phase 1 first oil Q1 2026, ramping to 80,000 bopd by mid-2026.
Barossa LNG startup issues resolved?
Why was 2025 production guidance narrowed?
What are Narrabri Gas Project's legal hurdles?
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Next Santos earnings date
H2 202519 Feb, 2026
Santos
Next Santos earnings date
H2 202519 Feb, 2026
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Frequently asked questions
Santos Limited is an Australian-based energy company specializing in the exploration, development, production, and marketing of oil and gas. The company's portfolio includes liquefied natural gas (LNG), pipeline gas, and oil assets, making it one of Australia's largest domestic gas suppliers and a leading LNG supplier in the Asia Pacific region. The company operates across Australia and the Asia Pacific, maintaining a significant presence in the energy sector both domestically and internationally. The company is headquartered in Adelaide, South Australia, and its shares are listed on the ASX.
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