Santos has delivered a robust performance in the third quarter, underpinned by strong cash flows, solid production and successful project developments.
Free cash flow from operations reached about $300 million for the quarter and has accumulated to roughly $1.4 billion year‑to‑date. Production stood at 21.3 million barrels of oil equivalent (mmboe), lifting cumulative output for the year to 65.4 mmboe, while sales volumes were marginally higher year‑on‑year at 21.5 mmboe. Sales revenue for the quarter reached $1.1 billion, bringing total revenue to $3.7 billion for the year so far.
On the operational front, the PNG LNG facility achieved an 8.6 Mtpa run rate, supported by very high reliability across its infrastructure, while Santos‑operated gas operations at Hides achieved >99 per cent reliability. Western Australian domestic gas production rose 8 per cent year‑to‑date, helped by the strong performance of Halyard‑2 and reliability at Varanus Island averaging 98 per cent.
GLNG upstream gas averaged 711 TJ/day, and the Roma field recorded a new peak above 220 TJ/day. Work progressed at GLNG’s Fairview, including well drilling, compression upgrades and pipeline installation, reducing reliance on third‑party gas. In the Cooper Basin, production recovered with fifty wells and a compressor back in service following earlier floods. The Moomba carbon capture and storage (CCS) project safely stored over 1.3 million tonnes of CO₂ in its first year, with the first issuance of carbon credits expected shortly.
Project developments also advanced. The BW Opal FPSO received first gas and moved into operations, with Barossa LNG aiming to ship its first cargo in Q4 2025. Darwin LNG achieved Ready‑for‑Start‑Up in August, and the Northern Territory renewed its environmental licence. The Pikka Phase 1 project is over 95 per cent complete, with 22 wells drilled and pipeline and processing infrastructure ready, targeting first oil in Q1 2026.
Chief Executive Kevin Gallagher emphasised that the strong base‑business performance demonstrates the resilience and quality of Santos’ diversified portfolio, enabling the company to shift from high capital intensity toward higher returns. He noted software issues on BW Opal had delayed ramp‑up but are now resolved as first gas flows into the export pipeline. With Barossa and Pikka nearing production and ongoing initiatives such as Narrabri and the Cooper Midstream Simplification project, Gallagher said Santos is well placed to deliver sustainable growth and strong returns for shareholders over the coming years.
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