Earnings call transcript: Santos lifts h1 2026 output as barossa, pikka ramp
Santos reported first-half 2026 earnings, driven by the transition into production at Barossa and Pikka projects. The company generated $2.6 billion in sales revenue, $1.6 billion in EBITDAX, and $378 million in free cash flow from operations. Santos declared an interim dividend of $0.116 per share, and its stock rose 3.08% to $8.36, close to its 52-week high.
Production increased to 45.6 million barrels of oil equivalent, up 3% from the same period last year, with LNG accounting for 57% of output. Management attributed the results to commissioning costs and timing effects, noting that the base business remained steady. Santos expects second-half production to be 20% to 30% higher than the first half as new projects ramp up.
The company keeps its long-term framework unchanged, targeting free cash flow breakeven of $45 to $50 a barrel through 2030.
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