EarningsQ2 2026 Earnings Report
DE:STS Q2 2026 EPS Results
Actual EPS€0.10
Consensus EPS€0.09
Beat/MissBeat by +<€0.01
One Year Ago EPS€0.14
DE:STS Q2 2026 Revenue Results
Actual Revenue€2.41B
Expected Revenue€1.20B
Beat/MissBeat by +€1.21B
YoY Revenue Growth+3.37%
Earnings Announcement Details
QuarterQ2 2026
Date08/18/2026
TimeAfter Close
Conference CallTuesday, August 18, 2026
DE:STS Upcoming Earnings
Santos's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:STS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call is broadly positive: the company successfully brought Pikka online and progressed Barossa through commissioning into production, delivered solid H1 operational reliability and declared a dividend, while outlining a clear path to stronger H2 cash flows as new production ramps and peak CapEx unwinds. Key near-term negatives are commissioning-related costs, cargo timing effects and an elevated gearing level (~28% incl. leases) that weighed on H1 free cash flow; management expects these to improve as Barossa and Pikka reach plateau and recurrent savings are realized.Company Guidance
Safety Performance
No lost time injuries and no Tier 1 process safety incidents in H1 2026; lost time injury rate better than the IOGP global average every year since 2022, underpinning disciplined operations.
New Production Online — Pikka
Pikka achieved first oil in May, continuous production in June, lifted first crude cargo (450,000 barrels) and was producing ~23,000 barrels per day (gross) at period end; seawater treatment plant commissioning nearly complete and management expects ramp to ~80,000 bpd gross plateau by end of the quarter.
Barossa Commissioning and Contribution
Barossa wells (6 wells each confirming 300 MMscfd capacity) are operating in line with expectations; Barossa producing ~550 MMscfd and targeting ~600 MMscfd by quarter end; ramp-up contributed to a reported 12% increase in upstream LNG production.
Financial Results — Revenue and Margins
Sales revenue of $2.6 billion and EBITDAX of $1.6 billion in H1 2026; base-business EBITDAX margin remained strong at 59% and management declared an interim dividend of USD 0.116 per share.
Free Cash Flow and Outlook
Free cash flow from operations was $378 million in H1 with commissioning and timing effects expected to unwind in H2; management expects materially stronger cash generation in H2 as Barossa and Pikka ramp to plateau.
Balance Sheet and Ratings
Liquidity of $3.8 billion at 30 June; net debt ~ $6 billion and gearing 28.1% including leases (23.2% excluding); all three rating agencies reaffirmed investment-grade ratings (Moody's Baa3 with positive outlook, Fitch BBB, S&P BBB-).
Reserves and Resource Base
Around 4.7 billion boe of 2P reserves and 2C contingent resources across Australia, PNG and Alaska; 1P reserve life ~10 years and 2P reserve life ~17 years, supporting long-term production runway.
Operational Reliability & Milestones
PNG, GLNG and DLNG plant reliability above 99%–100%; Darwin LNG delivered 100% reliability in H1; GLNG shipped its 1,000th LNG cargo; Varanus Island ran at 97% reliability and Halyard-2 produced ~85 TJ/day.
Cost and Breakeven Improvements
Targeted free cash flow breakeven narrowed to $45–$50/bbl through 2030 (with operational breakeven target below $35/bbl); management says a $10/bbl Brent increase above breakeven would raise free cash flow from ~ $400 million today to ~$550–$600 million once Barossa and Pikka reach plateau (≈50% uplift).
High-Return Project Decisions
FID taken on Moomba Central Optimization (targeting >$600 million CapEx & OpEx savings and up to $3/boe unit cost reduction) and on PNG Agogo tie-in (targeting IRR >50% and <4-year payback).
DE:STS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed