Santos’ 2025 net profit falls 34% to $578.6m

Santos has announced its fiscal results for the twelvemonth ending 2025, reporting nett net of A$818m ($578.6m), a 33.9% alteration from the erstwhile year's A$1.26bn.

The Australian vigor company's underlying profit, excluding important items, was A$898m, down 25.2% from A$1.2bn successful 2024.

In a strategical determination to optimise operations, Santos is targeting a headcount simplification of astir 10% arsenic large maturation projects are integrated into its basal business.

Santos managing manager and CEO Kevin Gallagher said: "The results demonstrated the spot of our basal business, built done the continued committedness to the disciplined low-cost operating model.

“As these large maturation projects travel to an extremity and go a portion of the basal business, and arsenic we present connected our outgo savings objectives, we are targeting a caput number simplification of astir 10%, rightsizing the business."

Operationally, Santos produced 87.7 cardinal barrels of lipid equivalent (mboe), with portion accumulation costs astatine A$6.78 per tube of lipid equivalent (boe). The institution executed 3 liquefied earthy state (LNG) merchantability and acquisition agreements, maintaining precocious operational reliability.

Gallagher said: "Our basal concern has performed exceptionally good with accumulation maintained and the champion portion accumulation costs successful a decade, achieved done continued committedness to the disciplined low-cost operating model."

Santos said that the institution achieved its 2030 emissions simplification people of 30% 5 years early, driven by the Moomba CCS (carbon seizure and storage) signifier 1 project.

Gallagher added that the Moomba CCS signifier 1 project, recognised arsenic 1 of the lowest-cost CCS projects globally, was cardinal to Santos’ occurrence successful providing existent emissions reductions. He noted that it underscored the credibility of the company's decarbonisation pathway.

The company's fiscal strategy has been underpinned by its operating model, targeting little than A$35 per tube (bbl) escaped currency travel from operations.

Gallagher said: "In 2016 we acceptable the operating exemplary to people little than A$35/bbl escaped currency travel from operations, and we person achieved it each twelvemonth since, contempt inflationary pressures.”

In 2025, Santos executed respective large projects including Moomba CCS signifier one, Barossa LNG and the Darwin LNG beingness extension.

Gallagher mentioned that beardown escaped currency travel from the basal concern had supported backing maturation projects and expanding dividends. He stated that the institution was present positioned to grow with fiscal flexibility to prosecute caller opportunities portion reducing gearing.