SANTOS LIMITED — Earnings Release 2019

Feb 19, 2020

ASX / Media Release

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20 February 2020

Santos reports record annual free cash flow of $1.1 billion, 7% increase in net profit and 13% increase in full-year dividends

Full-year (US$m)	2019	2018	Change
Product sales	4,033	3,660	10%
EBITDAX1	2,457	2,160	14%
Underlying profit1	719	727	-1%
Net profit after tax	674	630	7%
Free cash flow1	1,138	1,006	13%
Full-year dividends (UScps)	11.0	9.7	13%

Santos today announced its full-year results for 2019, reporting both record EBITDAX and free cash flow.

The Board has resolved to pay a final dividend of US5.0 cents per share fully-franked, bringing full-year dividends to US11.0 cents per share fully-franked, up 13% on the previous year. The final dividend is in-line with Santos’ sustainable dividend policy which targets a range of 10% to 30% payout of free cash flow.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “Today’s announcement of full-year results demonstrates the strength of our cash-generative operating model.”

“Santos has delivered strong financial results with EBITDAX[1] up 14% to a record US$2.5 billion and free cash flow[1] up 13% to over US$1.1 billion. Reported net profit after tax increased by 7% to US$674 million.

“Consistent application of our disciplined operating model continues to deliver cost reductions and efficiencies, with normalised production costs[2] down 8% to US$6.97/boe.

“The year was highlighted by record onshore drilling performance, lower unit costs, successful integration of the Quadrant acquisition and significant progress on our diversified portfolio of growth projects.

“The acquisition of ConocoPhillips assets in northern Australia and Timor-Leste announced in October is fully-aligned with our growth strategy to build on existing infrastructure positions and delivers operatorship and control of strategic LNG infrastructure at Darwin.

“The acquisition is expected to complete around the end of the first quarter of 2020, subject to third-party consents and regulatory approvals.

Investor enquiries Santos Limited ABN 80 007 550 923 Andrew Nairn GPO Box 2455, Adelaide SA 5001 +61 8 8116 5314 / +61 (0) 437 166 497 T +61 8 8116 5000 F +61 8 8116 5131 andrew.nairn@santos.com www.santos.com

Media enquiries Phoebe Nolan +61 8 8116 7409 / +61 (0) 408 193 056 phoebe.nolan@santos.com

Page 1 of 3

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“Following completion of the ConocoPhillips’ acquisition, we expect to take a final investment decision on the Barossa project to backfill Darwin LNG in the second quarter.

“Barossa is making good progress towards FID, with technical assurance processes well advanced and key contracts for the FPSO, subsea production system and export pipeline all awarded. The Barossa and DLNG partners are in advanced discussions to finalise the processing agreement for Barossa gas to support a final investment decision.

“We are also targeting a FEED-entry decision on the exciting Dorado liquids project in the second quarter.

“In the Cooper Basin, our focus on low-cost, efficient operations contributed to stronger annual production and 183% reserves replacement. We have also taken a FEED-entry decision for the Moomba carbon capture and storage project.

“At GLNG, our disciplined operating model continues to support a development plan to unlock more gas over time and we recently lifted guidance to ~6.2 mtpa LNG sales from this year.

“All of this growth activity is consistent with reaching our goal of more than 120 million barrels of oil equivalent production by 2025.

“This growth is enabled by our strong balance sheet and balanced asset portfolio, which provides sustainable free cash flow through the oil price cycle,” Mr Gallagher said.

Final dividend

The Board has resolved to pay a 2019 final dividend of US5.0 cents per share fully-franked, in line with the company’s sustainable dividend policy which targets a range of 10% to 30% payout of free cash flow.

The final dividend will be paid on 26 March 2020 to registered shareholders as at the record date of 26 February 2020.

Santos dividends are determined and declared in US dollars and paid to shareholders in Australian dollars. Currency conversion for the interim dividend will be based on the exchange rate on the record date of 26 February 2020. The Dividend Reinvestment Plan will not be offered for the 2019 final dividend.

This ASX announcement was approved and authorised for release by Kevin Gallagher, Managing Director and Chief Executive Officer.

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Conference call and live webcast

Santos will host a conference call and live webcast for analysts and investors today at 11:00am AEDT.

Dial-in numbers for the conference call are listed below. Please quote passcode ID: 10003979 .

For locations within Australia dial toll-free 1800 870 643 or toll 02 9007 3187.

For other countries, please use one of the following toll-free numbers: Canada (1 855 881 1339); China (4001 200 659); Hong Kong (800 966 806); India (0008 0010 08443); Japan (005 3116 1281); New Zealand (0800 453 055); Singapore (800 1012 785); United Kingdom (0800 051 8245); United States (1 855 881 1339). For all other countries or operator assistance, please call +61 2 9007 3187.

The webcast will be available on Santos’ website from 11:00am AEDT at www.santos.com.

Ends.

1 EBITDAX (earnings before interest, tax, depreciation, depletion, exploration, evaluation and impairment), underlying profit and free cash flow (operating cash flows less investing cash flows net of acquisitions and disposals) are non-IFRS measures that are presented to provide an understanding of the performance of Santos’ operations. Underlying profit excludes the impacts of asset acquisitions, disposals and impairments, commodity hedging as well as items that are subject to significant variability from one period to the next. The non-IFRS financial information is unaudited however the numbers have been extracted from the audited financial statements. A reconciliation between net profit after tax and underlying profit is provided in the Appendix of the 2019 full-year results presentation released to ASX on 20 February 2020.

2 Excluding the impact of shutdowns and PNG LNG earthquake recovery costs.

Page 3 of 3

~~Santos 2019 Full-year results~~

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20 February 2020

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Disclaimer and im ortant notice p

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This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.

All references to dollars, cents or $ in this document are to United States currency, unless otherwise stated.

EBITDAX (earnings before interest, tax, depreciation, depletion, exploration, evaluation and impairment), EBIT (earnings before interest and tax), underlying profit and free cash flow (operating cash flows less investing cash flows net of acquisitions and disposals and major growth capex less lease liability payments) are non-IFRS measures that are presented to provide an understanding of the performance of Santos’ operations. Underlying profit excludes the impacts of asset acquisitions, disposals and impairments, commodity hedging as well as items that are subject to significant variability from one period to the next. The non-IFRS financial information is unaudited however the numbers have been extracted from the audited financial statements.

The estimates of petroleum reserves and contingent resources in the presentation are based on and fairly represent information and supporting documentation prepared by, or under the supervision of Ms Barbara Pribyl who is a full time employee of Santos and a member of the SPE. Ms Pribyl meets the requirements of QPRRE as defined in Chapter 19 and rule 5.41 of the ASX Listing Rules and consents to the inclusion of this information in the form and context in which is appears in this presentation.

The estimates of petroleum reserves and contingent resources contained in this presentation are as at 31 December 2019. Santos prepares its petroleum reserves and contingent resources estimates in accordance with the Petroleum Resources Management System (PRMS) sponsored by the Society of Petroleum Engineers (SPE). Unless otherwise stated, all references to petroleum reserves and contingent resources quantities in this presentation are Santos’ net share. Reference points for Santos’ petroleum reserves and production are defined points within Santos’ operations where normal exploration and production business ceases, and quantities of produced product are measured under defined conditions prior to custody transfer. Fuel, flare and vent consumed to the reference points are excluded. Petroleum reserves are aggregated by arithmetic summation by category and as a result, proved reserves may be a very conservative estimate due to the portfolio effects of arithmetic summation. Petroleum reserves are typically prepared by deterministic methods with support from probabilistic methods. Petroleum reserves replacement ratio is the ratio of the change in petroleum reserves (excluding production) divided by production. Organic reserves replacement ratio excludes net acquisitions and divestments. Conversion factors: 1PJ of sales gas and ethane equals 171,937 boe; 1 tonne of LPG equals 8.458 boe; 1 barrel of condensate equals 0.935 boe; 1 barrel of crude oil equals 1 boe.

Cover image: Darwin LNG, Wickham Point, Northern Territory

Santos 2019 Full-year results

2

2019 Full- ear hi hli hts y g g

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Record free cash flow. Unit production costs lower

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FREE CASH FLOW [1] REPORTED NPAT [2] UNDERLYING NPAT [2]
112%
13% 7% -1%
$1,138 $674 $719
million million million
SALES REVENUE UNIT PRODUCTION COSTS TOTAL DIVIDENDS
10% -10% 13%
$4,033 $7.24 11c
million per boe US5 cps final dividend
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1 Operating cash flows less investing cash flows (net of acquisitions and disposals and major growth capex) less lease liability payments.

2 A reconciliation between net profit after tax and underlying profit is provided in the Appendix. Underlying profit excludes the impacts of asset acquisitions, disposals and impairments, commodity hedging and items that are subject to significant variability from one period to the next.

Santos 2019 Full-year results

3

Safet and environment y

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Santos is committed to being the safest oil and gas operator in Australia and preventing harm to people and the environment

Injury frequency rates vs activity levels

Loss of containment incidents

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Rate per million hours worked No of onshore wells
1.0 600
500
0.8
400
0.6
300
0.4
200
0.2
100
0.0 0
2014 2015 2016 2017 2018 2019
Lost time injury frequency rate ≥ Moderate harm frequency rate
LTIFR (LHS) (LHS)
No of onshore wells drilled (RHS)
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Count of Tier 1 and Tier 2
35
30
25
20
15
10
5
0
2014 2015 2016 2017 2018 2019
Tier 1 Tier 2
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• • As activity levels continue to rise, implementation of Santos’ Safety strategy is focused on improving capability and learning
• • Process Safety focus has delivered a decrease in loss of containment incidents

Santos 2019 Full-year results

4

Disci lined O eratin Model drives stron free cash flow p p g g

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Record free cash flow of $1,138 million

Free cash flow[1]

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$million
+452%
2016 – 19
FREE CASH FLOW billion 1,138
$3
1,006
2019 FREE CASH
FLOW BREAKEVEN [2] $29/bbl 618
2019 FREE CASH FLOW YIELD [3] ~10% 206
2016 2017 2018 2019
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1 Operating cash flows less investing cash flows (net of acquisitions and disposals and major growth capex) less lease liability payments.

2 Free cash flow breakeven is the average annual oil price at which cash flows from operating activities (before hedging) equals cash flows from investing activities. Forecast methodology uses corporate assumptions. Excludes one-off restructuring and redundancy costs, asset divestitures and acquisitions, major growth capex and lease liability payments. 2019 free cash flow breakeven after hedging ~$24 per barrel. 3 Using share price of $8.18 as at 31 December 2019

Santos 2019 Full-year results

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Continuin to drive lower-cost o erations g p

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Disciplined Operating Model delivering lower cash production costs across the operated assets

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Western Australia Cooper Basin Queensland & NSW
$/boe $/boe $/boe
-28%
-17%
-5%
10.19
9.32
8.68
8.17 7.77
7.30
5.83 5.77 5.51
2017 2018 2019 2017 2018 2019 2017 2018 2019
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Santos 2019 Full-year results

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Diversified rowth levera in existin infrastructure g g g g

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Targeting 2C conversion of >300 mmboe over 2020-21 from Barossa and Dorado

2P reserves & 2C contingent resources[1]

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(excluding ConocoPhillips acquisition)
mmboe
Northern Australia & Asset hub Growth projects
Timor-Leste
Cooper Basin
6
+ Barossa 2C resource ~200 mmboe (STO 25%)
Queensland 153
Northern Australia
& NSW
322 & Timor-Leste + Barossa FID expected in 2Q 2020 post-completion of the
ConocoPhillips acquisition
2P
989 203 Papua New
mmboe Guinea + Dorado 2C liquids resource ~120 mmbbl (STO 80%)
Western Australia
+ Dorado FEED expected 2Q 2020
Western Australia
306 Queensland & + GLNG ~6.2 mtpa [2] annualised sales expected from 2020
NSW
Papua New Guinea + EIS decision for Narrabri expected 1H 2020
72 Cooper Basin
Northern Australia
& Timor-Leste 620 294 Cooper Basin + Grow production to ~17-19 mmboe [3] by 2025
+ Carbon capture and storage
2C
1,920
mmboe + Work with partners to align interests, and support and participate in
455 Queensland Papua New Guinea backfill and expansion opportunities at PNG LNG
& NSW
Western Australia 1 As at 31 December 2019. Excludes Santos’ acquisition of ConocoPhillips’ northern Australia interests which is subject to third-party consents and regulatory approvals.
479 2 LNG sales volumes plus gas diverted to the domestic market.
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• 3 Santos share

Santos 2019 Full-year results

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Resilience and o ortunit in a lower carbon future pp y Long-term aspiration to achieve net-zero emissions by 2050

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2020 Climate Change Report released in line with the G20’s Task Force on Climate-related Financial Disclosures (TCFD)

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Santos is actively pursuing
carbon capture and storage,
as this is a critical technology
to limit global temperature
increases to well below 2
degrees Celsius.
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Santos’ natural gas-focused portfolio is economically resilient under all of the International Energy Agency’s World Energy Outlook 2018 scenarios.

Santos emission intensity (Scope 1, equity share) ktCO2e/mmboe

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-17%
65 63 63 63 62
54
2014 2015 2016 2017 2018 2019
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2MW Port Bonython solar PV

Natural gas has a key role to play in a lower carbon future as it produces 50% less greenhouse gas emissions than coal when used to generate electricity, can significantly improve air quality and is the perfect partner for renewable energy sources.

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Santos 2019 Full-Year Results

8

FEED commenced on Carbon Capture & Storage (CCS) project

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Cooper Basin Carbon Capture and Storage is a scalable opportunity up to ~20 mtpa CO2 storage potential. FEED commenced on 1.7 mtpa CCS project

CCS provides an opportunity to achieve large-scale emissions reductions at low abatement cost

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• • Existing separated industrial CO2 source – Moomba gas plant

Cooper Basin uniquely placed for CCS

• • Long-term experience with gas injection
• • Depleted reservoirs with proven rock seal
• • Santos is collaborating with Occidental Petroleum (OXY), a world-leader in CO2 injection
• • Offset emissions from other projects through carbon credits

Potential value uplift

• • Hydrogen industry expressing interest in CCS
• • Enhanced hydrocarbon recovery

Santos 2019 Full-Year Results

9

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Finance & capital management Anthony Neilson CFO

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Financial disci line p

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Strong financial and operating performance driving shareholder value

Record free cash flow generation

• • Record free cash flow up 13% to $1,138 million + 2016-2019 free cash flow $3 billion
• • 2019 free cash flow breakeven $29 per barrel before hedging

Continued cost out and efficiency gains

• • Normalised unit production costs down 8% to $6.97/boe (excludes major shutdowns and impact of PNG earthquake)
• • Disciplined Operating Model driving operated asset unit production costs lower + Average Cooper well costs down 15% to $2.02 million[1]

Balance sheet supportive of growth strategy

• • Net debt $3,325 million, down 6% (includes $425 million AASB 16 Lease liabilities as at 31 December 2019)
• • Gearing 30% at 31 December 2019 + Final dividend US5 cents per share, fully-franked

1 Vertical and deviated gas development wells (drill stimulate complete).

Santos 2019 Full-year results

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Diversified and balanced ortfolio p

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Strong, sustainable free cash flow through the oil price cycle

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2019 sales volumes Free cash flow [1]
mmboe $ million
+13%
1,138
1,006
CPI-linked
Oil-linked gas
gas
~35%
~45% 94.5 618
mmboe
Oil-linked ~20%
206
liquids
2016 2017 2018 2019
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• • Portfolio sales volumes balanced between
• • CPI-linked gas contracts – ~35% of 2019 sales volumes
• • Oil-linked liquids and gas contracts – ~65% of 2019 sales volumes
• • Record free cash flow of $1,138 million, up 13%
• • All assets free cash flow positive at <US$40/bbl
• • Year-end 2019 free cash flow breakeven[2]
• • ~$29 per barrel before hedging
• • ~$24 per barrel after hedging
• • Every $10 per barrel increment in oil price above free cash flow breakeven increases free cash flow by $300350 million per annum, before hedging

1 Operating cash flows less investing cash flows (net of acquisitions and disposals and major growth capex) less lease liability payments.

2 Free cash flow breakeven is the average annual oil price at which cash flows from operating activities equals cash flows from investing activities. Forecast methodology uses corporate assumptions. Excludes one-off restructuring and redundancy costs, asset divestitures and acquisitions, major growth capex and lease liability payments. Santos 2019 Full-year results

12

Our O eratin Model in action p g

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2019 normalised upstream unit production costs down 8% to $6.97 per boe. Continued capital efficiency focus lowering average onshore well costs

DISCIPLINED OPERATING MODEL

• • Core portfolio free cash flow breakeven at ≤$40/bbl oil price through the oil price cycle

• Each core asset free cash flow positive at ≤$40/bbl, premajor growth spend

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Western Australia Cooper Basin Queensland & NSW
production cost production cost production cost
$/boe $/boe $/boe
-28%
-17%
-5%
10.19 8.68 7.30 9.32 8.17 7.77
5.83 5.77 5.51
2017 2018 2019 2017 2018 2019 2017 2018 2019
Total unit production cost Cooper Basin well cost [2] Roma well cost - GLNG [3]
$/boe $million $million
-10%
-52% -74%
8.45 8.07 8.05 4.20 3.20
7.24
$7.62 2.59 2.37
normalised [1] 2.02 1.60
$6.97 0.90 0.85 0.84
normalised [1]
2016 2017 2018 2019 2016 2017 2018 2019 Roma-2A Roma-2B Roma-3A Roma East Roma East
(2015) (2016) (2017) (2018) (2019)
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Santos 2019 Full-year results

1 Normalised for impact of planned major maintenance shutdown and PNG earthquake. 2 Vertical and deviated gas development wells (drill stimulate complete). 3 Drill, complete, connect.

13

2019 Full- ear financial sna shot y p

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Free cash flow up 13% to $1.1 billion

$ million	2019	2018	Change
Product sales revenue	4,033	3,660	10%
EBITDAX	2,457	2,160	14%
Underlying profit1	719	727	(1)%
Net profit after tax	674	630	7%
Operating cash flow	2,046	1,578	30%
Free cash flow2	1,138	1,006	13%
Full-year dividends (UScps)3	11.0	9.7	13%

• 1 For a reconciliation of 2019 Full-year net profit to underlying profit, refer to Appendix.

• 2 Operating cash flow less investing cash flows (net of acquisitions and disposals and major growth capex) less lease liability payments.

• 3 Incorporates final dividend of US5 cents per share.

Santos 2019 Full-year results

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Record free cash flow eneration g

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Free cash flow up 13% to $1,138 million

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Operating cash flow Investing cash flow [1] Free cash flow [1]
$ million $ million $ million
+30% +59% +13%
2,046 (908) 1,138
1,006
1,578
(634) (630)
(572)
1,248
618
840
206
2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019
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1 Excludes acquisitions / divestments, major growth capex and lease liability payments.

Santos 2019 Full-year results

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Underl in earnin s y g g

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Higher sales revenue and EBITDAX. Underlying profit stable

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Product sales revenue EBITDAX Underlying profit [1]
$ million $ million $ million
+10% +14%
-1%
4,033 2,457 727 719
3,660
2,160
3,100
2,594
1,428
1,199
318
75
2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019
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1 Underlying profit excludes the impacts of asset acquisitions, disposals and impairments, and the impact of hedging.

Santos 2019 Full-year results

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Cash enerative O eratin Model continues to drive value g p g

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Diversified portfolio delivering EBITDAX growth and strong margins across all assets

2019 Full-year results summary[1]

Cooper Basin Qld & NSW PNG Nth Aust & T-L WA Santos	Cooper Basin Qld & NSW PNG Nth Aust & T-L WA Santos	Cooper Basin Qld & NSW PNG Nth Aust & T-L WA Santos	Cooper Basin Qld & NSW PNG Nth Aust & T-L WA Santos	Cooper Basin Qld & NSW PNG Nth Aust & T-L WA Santos	Cooper Basin Qld & NSW PNG Nth Aust & T-L WA Santos	Cooper Basin Qld & NSW PNG Nth Aust & T-L WA Santos
Total revenue $million	1,164	1,055	663	165	955	4,186
Production cost $/boe	7.77	5.51	5.212	21.75	7.30	6.972
Capex $million	308	260	51	50	270	1,016
EBITDAX $million	529	624	540	102	684	2,457
EBITDAX margin	45%	59%	81%	62%	72%	59%

Total revenue up 11% on 2018 due to higher volumes with the resumption of full production from PNG LNG following the earthquake in 1H18 and higher gas volumes due to the acquisition of Quadrant Energy, partially offset by lower commodity prices

• • Average realised oil price down 4% to $71.99/bbl (a premium of ~$8/bbl to dated Brent)

• • Normalised unit production costs down 8% to $6.97/boe

  • Capex 34% higher due to the 4-well WA offshore drilling program, including the successful Corvus and Dorado appraisals, and increased activity across the Cooper Basin and GLNG within the disciplined Operating Model

• • Group EBITDAX margin 59%. All assets have EBITDAX margins ≥45%
• • All assets free cash flow positive at <US$40/bbl

• 1 Corporate segment not shown.

• 2 Normalised for impact of PNG earthquake.

Santos 2019 Full-year results

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Production and sales volumes

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PNG LNG resumes full production and Quadrant acquisition provides significant boost

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Production
mmboe
75.5
61.6 59.5 58.9
2016 2017 2018 2019
Major shutdown + PNG earthquake impact
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Sales volume
mmboe
94.5
84.1 83.4
78.3
2016 2017 2018 2019
Own product Third party Major shutdown + PNG earthquake impact
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• • Production volumes were 16.6 mmboe higher than 2018, mainly due to the resumption of full production in PNG following the impact of the earthquake and the inclusion of Quadrant Energy. This was partly offset by the sale of the Asian assets in September 2018
• • Sales volumes were 16.2 mmboe higher than 2018 as a result of the acquisition of Quadrant Energy and PNG LNG resuming full production following the impact of the earthquake

Santos 2019 Full-year results

18

Production costs

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Continued cost discipline. Normalised unit production costs down 8% to $6.97/boe

2019 upstream unit production costs

• • Sustained cost improvement and operating efficiencies
• • Unit upstream production costs $7.24 per boe, down 10%, impacted by PNG LNG earthquake recovery costs in opex
• • Excluding the impact of PNG LNG, normalised unit production costs down 8% to $6.97 per boe
• • Unit upstream production costs lower than YE18 across all operated assets
• • Western Australia $7.30/boe, down 16%
• • Cooper Basin $7.77/boe, down 5%
• • Queensland & NSW $5.51/boe, down 5%

2020 upstream unit production cost guidance

• • $7.00-7.40 per boe including all planned shutdown activity and PNG LNG earthquake recovery costs in opex
• • Normalised unit upstream production costs expected to be consistent with 2019

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Upstream unit production costs
$/boe
-10%
8.45
8.07 8.05
7.24
-8%
$7.62
normalised [1]
$6.97
normalised [1]
2016 2017 2018 2019
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1 Normalised for impact of planned major maintenance shutdown and PNG earthquake.

Santos 2019 Full-year results

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Ca ital ex enditure p p

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Record number of onshore wells and successful Dorado appraisal

2019 capital expenditure $1,016 million

• • Cooper Basin drilled 115 wells

Onshore efficiencies. More wells for less capex per well

• • GLNG drilled a record 393 wells
• • Western Australia offshore program including successful Dorado and Corvus appraisal wells
• • Barossa FEED and long-leads

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Northern Australia &
Timor-Leste $50m
PNG $51m
Corporate &
Exploration $75m
Cooper Basin
$308m
Queensland &
NSW
$260m
Western
Australia
$270m
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$568m
$489m
390 508
$401m wells wells
$377m
236
wells
115
wells
2016 2017 2018 2019
Onshore capex No of onshore
$million wells drilled
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Capital expenditure incurred includes abandonment expenditure but excludes capitalised interest.

Santos 2019 Full-year results

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Debt and li uidit q y

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Net debt $3,325 million. Ample liquidity of $2,937 million

• • Strong free cash flows. Net debt reduced to $3,325 million (includes $425 million AASB 16 Lease liabilities) as at 31 December 2019

Net debt

• $million

Cash, debt and undrawn debt facilities as at 31 December 2019

  - $million

• • Gearing 30% (including AASB 16) as at 31 December 2019
• • Ample liquidity in place
• • $1,067 million in cash
• • $1,870 million in committed undrawn debt facilities
• • Flexibility to optimise the broader Santos asset portfolio through strategically aligned farm-outs and disposals
• • S&P Global Ratings affirmed Santos’ BBB(stable) long-term issuer credit rating on 13 October 2019 noting that the company’s current balance sheet capacity can accommodate the ConocoPhillips acquisition

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4,749
Quadrant Energy
acquired Nov 2018 Cash 1,067
for $2.15 billion
3,492 3,549
3,325
AASB16 Drawn
-3,069
2,731 lease liability debt
PNG LNG
-1,323
(non-recourse)
Undrawn
-1,870
debt
2015 2016 2017 2018 2019
----- End of picture text -----

1 Drawn debt includes $425 million AASB 16 Lease liabilities standard adopted 1 January 2019.

Santos 2019 Full-year results

21

Stable cash flows under in stron de-levera in and li uidit p g g g q y

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Targeting medium term gearing ratio of 25-30%, with sufficient flexibility to address all future capital expenditure requirements and maintain sustainable dividend

Gearing post growth funding and dividends[1]

Disciplined capital management

Net debt / (Net debt + Equity)

• • De-gearing supported by Santos’ strong free cash flow profile and through a potential sell-down of interests in the acquired ConocoPhillips assets

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----- Start of picture text -----

~35%
~25-30%
----- End of picture text -----

Pro-forma 2021-24 capex growth at completion, phase, post targeted sellexcluding sell-downs down to 40-50% interest

Projected gearing profile assumes FID for PNG LNG expansion, Barossa backfill to DLNG, Dorado oil and sell-down of interests in the acquired assets

• • Gearing of ~25-30% is planned during the major capex growth phase, post expected sell-down of interests in Barossa and Darwin LNG to Santos’ targeted 40-50% interest
• • Expect to be able to fund all major growth at a US$60/bbl oil price and maintain gearing around 35% in the event of no sell-downs of Barossa and Darwin LNG
• • Major growth capex and dividend to be fully-funded from operating cash flow and debt
• • Dividend to be maintained through the major growth capex phase, consistent with the sustainable dividend policy
• • Rapid de-gearing expected from 2025 onwards
• • Flexibility to optimise the broader Santos asset portfolio through strategically aligned farm-outs and disposals

1 Assumes US$65 per barrel flat real oil price and full-year of ownership of the acquired interests in 2019.

Santos 2019 Full-year results

22

Drawn debt maturit rofile y p

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No material near-term maturities

Drawn debt maturity profile[1]

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----- Start of picture text -----

$750 million acquisition debt
$million expected to be refinanced via
bank term loan, bond markets
1,300 1,240 or repaid with sell-down
proceeds
1,000 989
815
700
600
400
317
244 253
209
124
100
2020 2021 2022 2023 2024 2025 2026 2027 2028- 2029
-200
----- End of picture text -----

Committed Acquisition Finance Bank term loans Reg-S Bond Long-term notes ECA supported loan facilities PNG LNG project finance

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----- Start of picture text -----

Breakdown of drawn
debt facilities [1]
Senior unsecured
67%
$2.7 bn
PNG LNG project
finance (non-
recourse)
33%
$1.3 bn
+ Weighted average term to
maturity ~5.2 years
----- End of picture text -----

Drawn debt maturity profile excluding PNG LNG project finance[1]

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----- Start of picture text -----

$million
$750 million acquisition debt
expected to be refinanced via
1,200
bank term loan, bond markets
1,027 or repaid with sell-down
proceeds
900
815
770
600
600
300
60 62 68 18 - -
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Bank term loans Committed Acquisition Facility
Reg-S Bond Long-term notes
ECA supported loan facilities
----- End of picture text -----

¹ As at 31 December 2019. Excludes leases and derivatives. Santos 2019 Full-year results

23

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Operations review Kevin Gallagher Managing Director & CEO

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Offshore conventional business with major growth

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High quality portfolio of operated production and near field development and exploration assets

Strong cash margin, low-cost operating business	+ WA EBITDAX margin 72%, up 5% + WA unit production cost $7.30 per boe, down 16% + Pyrenees and Van Gogh crude oil achieving strong premiums to Dated Brent
Portfolio of high quality, low-cost near-field gas and oil tieback opportunities	+ Van Gogh infill Phase 2 + Pyrenees infill phase 4 + Spartan sub-sea tieback + Bayu-Undan end of field life extension opportunity
Conventional low- cost of supply growth through Barossa and Dorado	+ Barossa backfill to Darwin LNG FID expected in 2Q 2020, post-completion of the ConocoPhillips acquisition + Dorado FEED targeted for 2Q 2020

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Santos 2019 Full-year results

25

Gas and oil infill and tieback o ortunities pp

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Near field tieback and infill opportunities across the gas and oil business offer low-cost, short cycle investment options

Van Gogh infill Phase 2

• • Santos Board approval for Phase 2 infill program
• • Three dual laterals targeting undrained parts of the field
• • First oil targeted for late 2021

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Pyrenees infill Phase 4

• • High uptime and further water handling debottlenecking
• • Select phase studies and further definition underway
• • Combination of side-tracks and new drill options

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Spartan subsea tieback

• • Single well subsea development
• • Backfill into Varanus Island
• • Targeted for 4Q 2020 FID

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Bayu-Undan infill opportunities

• • Bayu-Undan end of field life extension opportunities being assessed

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Santos 2019 Full-year results

26

Barossa Project

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Completion of ConocoPhillips acquisition expected end-1Q 2020. Barossa project advancing towards FID with major contracts awarded

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• Completion of ConocoPhillips acquisition expected around the end of 1Q 2020, subject to third-party consents and regulatory approvals

• • Barossa backfill to Darwin LNG FID expected in 2Q 2020, post-completion of the ConocoPhillips acquisition
• • Major contracts awarded, with Modec FPSO selection offering lower carbon footprint through innovative design
• • Capex to first gas estimated to be ~$4.7 billion (gross)
• • Barossa and DLNG partners are in advanced discussions to finalise processing agreement for Barossa gas
• • Advanced discussions with LNG buyers
• • Santos is prepared to sell-down to 40-50% interest in Barossa and is in discussions with existing DLNG partners and other parties
• • LOI signed with SK E&S for 25% interest in Darwin LNG and Bayu-Undan
• • Infill drilling opportunities being evaluated to extend the life of the Bayu-Undan reservoirs

Santos 2019 Full-year results

27

Barossa Project assurance

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Integrated assurance process complete and project is FID-ready

Operator Project + ConocoPhillips assurance process as assurance process operator (pre-Santos acquisition)

Wells

Facilities

Subsurface

• • Individual discipline reviews following Santos’ SMS standards
• • External involvement from specialists on key focus areas
• • Input into multi-disciplinary integrated review

• IPA (Independent Project Analysis) External reviews + RISC – Reserves, subsurface and development costs Santos Project + Santos Operating Committee assurance assurance + Pre-FID process closeout

Santos Project Delivery Phases

		Integrated Review
	Operations	Commercial	Sales & Marketing
	Stakeholder & Approvals	Procurement & Contracts	Subsurface & Prod Tech
	EHSS	Human Resources	Cost & Schedule
	Implementation Risk Management	Economics Drilling & Completions	Facilities & Quality Legal

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----- Start of picture text -----

VALUE IDENTIFICATION VALUE REALISATION
Project GENERATE ASSESS SELECT DEFINE EXECUTE OPERATE
Phase Create Frame Evaluate
Options Project Alternatives Fully Define Scope Implement Scope Realise Value
Project Lookback
Decision
Gate
Initiation Definition Sanction Readiness Close-Out
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Santos 2019 Full-year results

28

Dorado develo ment p

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Successful appraisal programme has de-risked development options for the field. Preferred concept is FPSO and wellhead platform development, targeting FEED in 2Q 2020

• • Preferred development concept is an initial phase of oil and condensate development followed by future phase of gas export
• • Recoverable liquids resource 153 mmbbl 2C gross, 122 mmbbl 2C STO net
• • Low CO2 resource, with gas injection in support of enhanced oil recovery
• • Shallow water depth allows for simple wellhead platform (WHP) and FPSO development
• • 8 to 10 platform wells at start-up (including gas injection wells)
• • FEED targeted for 2Q 2020
• • Based on new build FPSO:
• • Estimated initial gross oil production rate expected to be between 75-100 kbbl per day[1 ]
• • Estimated gross capex to first oil expected to be between $1.9 - 2.2 billion[1 ]
• • FPSO re-deployment and lease options under consideration could reduce capex

1 Subject to concept select and detailed front-end engineering and design.

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Santos 2019 Full-year results

29

Inte rated onshore business with market o tionalit g p y

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Onshore assets connected to domestic markets and strong long-term Asian demand for LNG

• • Growth self-funded by low-cost disciplined

• Australia’s lowest cost Operating Model onshore operator + Driving capital efficiency to unlock additional resources

• • 183% reserve replacement in 2019

• Cooper Basin high value swing producer + Carbon capture and storage potential

• GLNG 6 mtpa run-rate + Now expecting ~6.2 mtpa from 2020 due

• target achieved in to strong upstream field performance

• October 2019

• Narrabri EIS decision + 100% gas earmarked for the domestic expected 1H 2020 market

• • Strong exploration and appraisal inventory + Successful gas discovery at Tanumbirini-1 vertical well, McArthur Basin

Northern Territory

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----- Start of picture text -----

McArthur
South Nicholson
Surat & Bowen
Amadeus
Cooper Narrabri
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Santos 2019 Full-year results

30

Coo er Basin reserve re lacement 183% in 2019 p p

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Successful drilling activity and appraisal programs delivered strong reserves replacement

Wells drilled Targeting ~95 wells in 2020, including 6 horizontal wells No of wells per year

2P reserves replacement ratio %

Production mmboe

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----- Start of picture text -----

200 20
183%
Prospective resource 115
2C contingent resource 15.1 15.5 15.8
2P undeveloped reserves 150 15 14.4
84
100 10
60
72%
40
50 5
32%
5%
0 0
2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019
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Santos 2019 Full-year results

31

Coo er Basin p

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Continue to focus on lowering unit development costs to unlock resources to drive future production growth

Continued efficiency focus

• • Well costs down 15% to $2.02 million
• • Moomba South appraisal success: 18 mmboe 2P reserve upgrade
• • Underbalanced drilling enhancing reservoir deliverability and project cycle times

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----- Start of picture text -----

Cooper Basin well cost [1]
$million
4.20
-15%
2.59
2.37
2.02
2016 2017 2018 2019
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2020 drilling program

• • Expect to drill 95 wells including 6 horizontal wells
• • Moomba South Phase-2 eight-well development program commenced Q1 2020
• • Moomba South Granite Wash upside. Expect to drill 2 vertical appraisal wells in 2020

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Optimisation and reliability program

• • Increase reliability through fewer, centralised, standardised, modular compressors
• • Electric drive compression to reduce fuel gas use
• • Expected to deliver up to ~10 TJ/d additional production by reducing fuel gas

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Carbon capture & storage (CCS)

• • FEED commenced on 1.7mtpa CCS project
• • Scalable opportunity up to

• ~20 mtpa CO2 storage potential

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Santos 2019 Full-year results 1 Vertical and deviated gas development wells (drill stimulate complete).

32

Queensland

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GLNG target increased to 6.2 mtpa annualised sales from 2020

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----- Start of picture text -----

Continued efficiency focus Mean time between failure Strong Roma ramp-up Roma sales gas production
Years (Roma) 3.2 TJ/d (gross)
+ Continued focus on well-reliability + Year-end gross sales gas production 137
and cost efficient operations up 67% to 137 TJ/d
+ Year-end gross upstream sales gas 2.0 + Roma next phase of development
1.7 82
production 622 TJ/d 1.4 sanctioned ~250 wells
56
+ GLNG 6 mtpa annualised sales run- 0.9 + 314 (of 444) wells connected [2]
rate achieved in October 0.5 29
+ Last well online forecast Q3 2020 16
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Arcadia production growing Eastern Queensland growth
+ Production 15 TJ/d at year-end + Successful 2019 exploration and
appraisal program proximal to
+ Compression hub delivered within
infrastructure to benefit from rapid
12 months. ~15% cost
tie-ins and short cycle days to sales
improvement [1]
+ Maximising value using our regional
+ Final compressor online Q1 2020
expertise and low cost Operating
+ All 137 wells drilled; 104 online [2] Model
1 Compared to Scotia facility installed on a $/horsepower installed basis.
----- End of picture text -----

~~1 Compared to Scotia facility installed on a $/horsepower installed basis.~~ 2 January 2020.

Santos 2019 Full-year results

33

Narrabri gas project

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Strong demand for natural gas in New South Wales

100% of Narrabri gas earmarked for the domestic market

• • Gas supply MOUs signed with Perdaman, Brickworks and Weston Energy
• • Near-term supply to local industry
• • Current Narrabri production supplies Wilga Park Power Station powering the equivalent of >23,000 homes in North West NSW

EIS approval process nearing completion

• • EIS determination expected 1H 2020
• • Expanded power generation to 22MW. Online 1Q 2020. Increasing power supply to the region equivalent to >32,000 homes

Appraisal plans defined

• • Ready to drill

Wilga Park Power Station - expanded capacity 22MW

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• • Planning for 150 TJ/d phased development
• • Application of Santos’ disciplined low-cost operating model leveraging onshore development experience to create additional value

Santos 2019 Full-year results

34

Onshore Northern Territor y

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Tanumbirini-1 well test progresses new gas play in Beetaloo Sub-basin

Gas discovery at Tanumbirini-1 vertical well, Beetaloo Subbasin/McArthur Basin

• • Success with four-stage stimulation program in the Middle Velkerri shales
• • Gas flow rates of >1.2 mmscf/d exceeded initial expectations
• • Preliminary gas composition analysis indicates >91% methane, less than 5% total inert content and 3% ethane
• • Initial resource booking
• • New licence awarded in the Beetaloo Basin

2020 appraisal program

• • Expect to commence drilling in the first half of 2020 followed by multistage stimulation of two horizontal wells: Tanumbirini-2H & Inacumba-1H

South Nicholson Basin farm-in entry

• • In Q4 2019, Santos farmed-in to an extensive new operated exploration play footprint, across multiple jurisdictions in the South Nicholson Basin

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• • Multi-TCF shale gas play analogous to Beetaloo

Santos 2019 Full-year results

35

     

Summar y

==> picture [70 x 19] intentionally omitted <==

Low-cost, diversified portfolio generating strong cash flow. Balance sheet supportive of growth strategy and sustainable dividends

Record free cash flow

2019 free cash flow breakeven $29/bbl before hedging Significant Dorado 2C resource upgrade in 2019. Material development project ConocoPhillips acquisition announced. Barossa project advancing towards FID Cooper Basin reserve replacement 183% in 2019

FEED commenced on Cooper Basin Carbon Capture and Storage (CCS) project

Balance sheet supportive of growth strategy



Santos 2019 Full-year results

36

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Appendix

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Financial erformance p

==> picture [70 x 19] intentionally omitted <==

EBITDAX up 14% to $2.5 billion. Reported NPAT up 7% to $674 million

$million	2019 2018 Var
Total revenue Production costs Other operating costs Third party product purchases Other1 Foreign exchange (losses)/gains Fair value (losses) on commodity hedges EBITDAX	4,186 3,773 11% (546) (474) 15% (306) (315) (3%) (885) (847) 4% 25 (56) nm (11) 146 nm (6) (67) nm
	2,457 2,160 14%
Exploration and evaluation expense	(103) (105) (2%)
Depreciation and depletion	(1,000) (667) 50%
Impairment losses	(61) (100) (39%)
Change in future restoration	2 46 nm
EBIT	1,295 1,334 (3%)
Net finance costs	(277) (228) 21%
Profit before tax	1,018 1,106 (8%)
Tax (expense)	(344) (476) (28%)
Profit after tax	674 630 7%
Underlying profit	719 727 (1%)

• • Total revenue up 11% due to higher sales volumes from the resumption of full production from PNG LNG following the earthquake in 1H18 and higher gas volumes due to the acquisition of Quadrant Energy, offset by lower commodity prices
• • Average realised oil price down 4% to $71.99/bbl and average realised LNG price down 1% to $9.77/mmBtu
• • Lower unit production costs/boe
• • Santos Ltd and majority of subsidiaries changed functional currency from AUD to USD effective 1 January 2019, reducing exposure to FX gains and losses
• • Net impairment charge of $61 million before tax primarily due to reassessment of abandonment liability for Barrow Island
• • Higher net finance costs mainly due to increased interest expense from higher net debt post the acquisition of Quadrant Energy
• • Effective tax rate 34% including PRRT

Santos 2019 Full-year results

1 Other includes product stock movement, corporate expenses, other expenses, other income and share of profit of joint ventures. nm denotes not meaningful.

38

Sales revenue

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Higher sales volumes offset by lower average commodity prices

$million	2019 2018 Var
Sales Revenue (incl. third party) Gas, ethane and liquefied gas Crude oil Condensate and naphtha Liquefied petroleum gas	2,687 2,518 7% 927 757 22% 335 300 12% 84 85 (1%)
Total1	4,033 3,660 10%

1 Total product sales include third-party product sales of $1,022 million (2018: $997 million)

• • Sales revenue up 10% to $4 billion
• • Average realised oil price down 4% to $71.99/bbl (a premium of ~$8/bbl to dated Brent)
• • Average realised LNG price down 1% to $9.77/mmBtu
• • Santos’ high-quality crudes in Western Australia and the Cooper Basin achieving a strong premium to benchmarks

==> picture [300 x 297] intentionally omitted <==

----- Start of picture text -----

Average realised crude Average realised LNG price
oil price
75.05 9.91 9.77
71.99
2018 2019 2018 2019
2019 sales revenue by asset
Northern Australia & Timor-Leste
Corporate & Trading
4%
Cooper Basin 5%
27% PNG
16%
23%
25%
Western Australia
Queensland & NSW
US$ per bbl US$ per mmBtu
----- End of picture text -----

2019 sales revenue by asset

39

Santos 2019 Full-year results

Si nificant items g

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Reconciliation of full-year net profit to underlying profit

$million 2019 2018	$million 2019 2018	$million 2019 2018
Net profit after tax	674	630
Add/(deduct) significant items after tax
Impairment losses	46	94
Net gains on asset sales	(8)	(94)
Fair value adjustments on derivatives and hedges	7	48
One-off acquisition and disposal costs	-	49
Underlying profit	719	727

Santos 2019 Full-year results

40

Free cash flow

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Calculation of 2019 full-year free cash flow

$million 2019	$million 2019
Operating cash flows	2,046
Deduct Investing cash flows	(1,033)
Add Net acquisitions and disposals	172
Deduct Lease liability payments	(87)
Add Major growth capex (Barossa FEED)	40
Free cash flow	1,138

Lease liability payments are now treated as financing cash flows under AASB 16. To ensure like-for-like comparisons with prior periods, the definition of free cash flow has been updated to operating cash flows less investing cash flows (net of acquisition and disposal payments and major growth capex) less lease liability payments.

Free cash flow is a non-IFRS measure that is presented to provide an understanding of the performance of Santos’ operations. The non-IFRS information is unaudited however the numbers have been extracted from the audited financial statements.

Santos 2019 Full-year results

41

Li uidit and net debt as at 31 December 2019 q y

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$2.9 billion in cash and committed undrawn debt facilities

Liquidity ($million)	Liquidity ($million)	31 Dec 2019	31 Dec 2018
Cash		1,067	1,316
Undrawn bilateral bank debt facilities		1,870	2,020
Total liquidity		2,937	3,336
Debt ($million)
Export credit agency supported loan facilities	Senior, unsecured	343	998
Bank term loan facilities	Senior, unsecured	695	1,193
US Private Placement	Senior, unsecured	255	405
Reg-S bond	Senior, unsecured	1,380	786
PNG LNG project finance	Non-recourse, secured	1,323	1,474
Leases	Leases	425	621
Other	Derivatives	(29)	(53)
Total debt		4,392	4,865
Total net debt		3,325	3,549

1 Finance leases only as at 31 December 2018. AASB 16 adopted 1 January 2019.

Santos 2019 Full-year results

42

Net debt reconciliation

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Net debt reduced to $3.3 billion (including $425 million AASB 16 Lease liabilities) as at Dec 2019

Reconciliation of movement in net debt

$million

3,549 3,325 126 1,138 365 172 251 Opening net Free cash Dividends Net Leases Other[1] Closing net debt flow paid acquisitions (including debt 31 Dec 2018 / disposals AASB16) 31 Dec 2019

• • Record free cash flow of $1,138 million
• • Dividends paid in-line with policy targeting a range of 10% to 30% payout of free cash flow generated per annum
• • Net acquisitions/disposals includes ConocoPhillips acquisition deposit
• • Leases includes new AASB 16 methodology + Other includes Barossa major growth capex

1 Includes major growth capex for Barossa of $40 million. Santos 2019 Full-year results

43

Reserves and resources

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152% three-year 2P reserves replacement ratio. Cooper Basin 183% 2P RRR in 2019 2C contingent resources increased to >1.9 Bboe primarily due to increases in Dorado and Barossa

2P reserves

2C contingent resources

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----- Start of picture text -----

mmboe mmboe
42 2,400
1,022 39 1,028
989
-75 480
1,920
1,110
Northern Australia &
620
Timor-Leste
Papua New Guinea 72 72
Western Australia 479 479
Queensland & NSW 455 455
Cooper Basin 294 294
2018 Organic Production 2019 ConocoPhillips Total [1] 2019 ConocoPhillips Total [1]
additions acquisition [1] acquisition [1]
----- End of picture text -----

1 ConocoPhillips acquisition expected to complete around the end of the first quarter of 2020, subject to third-party consents and regulatory approvals.

Santos 2019 Full-year results

44

2020 Guidance

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2020 guidance unchanged

2020 guidance item	Base business (excl ConocoPhillips acquisition)1	ConocoPhillips acquisition (after expected 25% sell-down)2	Total
Production	73-80 mmboe	6-7 mmboe	79-87 mmboe
Sales volumes	93-100 mmboe	6-7 mmboe	99-107 mmboe
Capex – Base Capex – Major growth3			~$950 million ~$500 million
Unit production costs includes all planned shutdown activity and PNG LNG earthquake recovery costs in opex	$7.00-7.40/boe		To be provided following completion of the ConocoPhillips acquisition

• 1 Completion of the acquisition is expected in the first quarter of 2020 and is subject to third-party consents and regulatory approvals.

2 Assumes completion of the ConocoPhillips acquisition and expected 25% sell-down to SK E&S both occur on 31 March 2020.

• 3

• Major growth comprises the Barossa, Dorado and PNG LNG train 3 projects. Assumes sell-down of Barossa to Santos’ targeted 40-50% interest range in 2020.

Santos 2019 Full-year results

45

2019 Full- ear se ment results summar y g y

==> picture [70 x 19] intentionally omitted <==

US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia & Timor-Leste Western Australia Corporate explor’n & elimins Total
Revenue	1,164	1,055	663	165	955	184	4,186
Production costs	(123)	(71)	(80)	(67)	(225)	20	(546)
Other operating costs	(74)	(87)	(51)	-	(13)	(81)	(306)
Third party product purchases	(475)	(242)	(1)	-	-	(167)	(885)
Inter-segment purchases	(2)	(72)	-	-	-	74	-
Product stock movement	33	4	(1)	(2)	(12)	-	22
Other income	22	46	24	-	7	8	107
Other expenses	(15)	(9)	(14)	(2)	(27)	(45)	(112)
FX gains and losses	(1)	-	-	-	(1)	(9)	(11)
Fair value losses on commodity hedges	-	-	-	-	-	(6)	(6)
Share of profit of joint ventures	-	-	-	8	-	-	8
EBITDAX	529	624	540	102	684	(22)	2,457

Santos 2019 Full-year results

46

2018 Full- ear se ment results summar y g y

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US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total	US$million Cooper Basin Queensland & NSW PNG Northern Australia Western Australia Asia Corporate explor’n & elimins Total
Revenue	1,146	1,016	630	184	422	181	194	3,773
Production costs	(127)	(71)	(70)	(74)	(108)	(42)	18	(474)
Other operating costs	(68)	(80)	(52)	-	(17)	(11)	(87)	(315)
Third party product purchases	(421)	(293)	-	-	-	-	(133)	(847)
Inter-segment purchases	(3)	(33)	-	-	-	-	36	-
Product stock movement	(5)	(11)	(3)	2	(5)	(2)	(4)	(28)
Other income	8	56	4	-	3	56	9	136
Other expenses	(16)	(16)	(3)	-	(14)	(2)	(115)	(166)
FX gains and losses	4	2	-	-	2	(1)	139	146
Fair value losses on commodity hedges	-	-	-	-	-	-	(69)	(69)
Share of profit of joint ventures	-	-	-	4	-	-	-	4
EBITDAX	518	570	506	116	283	179	(12)	2,160

Santos 2019 Full-year results

47

Oil rice hed in p g g

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Oil price hedging provides protection to oil price downside

Open oil price positions	2020
Re-participating 3-Ways (barrels)1	6,180,000
Brent long call price ($/bbl)	US$76.78
Brent short call price ($/bbl)	US$69.03
Brent long put price ($/bbl)	US$54.19

As at 31 December 2019

1 When Brent price is above the weighted average long call price, Santos realises Brent price less the difference between the long call price and the short call price. When Brent price is between the short call price and long call price, Santos realises short call price. When Brent price is below the long put price, Santos realises long put price.

Santos 2019 Full-year results

48