What Santos Ltd does

Santos Ltd is an Australian integrated oil and gas producer founded in 1954 and headquartered in Adelaide. It is Australia's second-largest natural gas producer and operates across the full LNG value chain from exploration and production through liquefaction and export. The company's core assets include the Gladstone LNG facility in Queensland (joint-ventured with ConocoPhillips, Shell, and Origin Energy), the offshore Barossa gas field feeding the Darwin LNG export plant in the Northern Territory, the Moomba Carbon Capture and Storage project in South Australia (capable of storing 1.7 million tonnes of CO2 annually, launched October 2024), Cooper Basin gas assets, and international operations including the Pikka oil development in Alaska and Oil Search (PNG) Limited subsidiary assets in Papua New Guinea (Kutubu Pipeline System and PNG's first offshore FSO facility).

Santos generates revenue through B2B commodity sales: long-term LNG supply contracts and spot cargoes to Asian markets (Japan, China, South Korea), crude oil and condensate sales (realized price averaging $73.05/barrel), and domestic Australian gas supply including a 10-year agreement with the South Australian Government for 20 petajoules annually from Cooper Basin starting 2030. Pricing is fully commodity-linked, with FY2025 realized LNG prices at $11.12/MMBtu. The company reported approximately $5 billion in FY2025 sales revenue (down 8% year-over-year), $818 million statutory net profit (down 33%), $898 million underlying profit (down 25%), and $1.8 billion in free cash flow. 2026 production guidance is 101-111 million barrels of oil equivalent, supported by the Barossa restart and first oil from Pikka.

Following the profit decline and the collapse of ADNOC takeover discussions, Santos announced a ~10% workforce reduction (approximately 400 roles) and a strategic review of its Australian integrated oil and gas portfolio, signaling a shift from growth-project execution to steady-state cash generation. The Federal Court of Australia dismissed the ACCR's greenwashing lawsuit in February 2026, removing a key ESG overhang on management's net-zero positioning.

Name

Santos Ltd

Legal name

Santos Ltd

Website

https://santos.com

Company type

Public

Founded year

1954

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Santos Ltd is an Australian integrated oil and gas producer and the country's second-largest natural gas company. It operates LNG export facilities (Gladstone, Darwin) and upstream assets across Australia, Papua New Guinea, and Alaska, supplying Asian LNG buyers and domestic Australian markets.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (211), Natural Gas Extraction (21113)

SIC

Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172)

akta.pro primary industry

LNG Liquefaction Plants (Onshore & FLNG) (EUALAFAA)

akta.pro secondary industries

LNG EPC, Commissioning & Project Development (Engineering, Construction, Permitting) (EUALAFAI), LNG Import/Export Terminals (Liquefied Natural Gas) (TLAHABAL), LNG Storage, Terminals & Bunkering (Peak Shaving, Small-Scale LNG) (EUALAFAD)

Keywords

• Natural gas production
• LNG export
• Oil and gas exploration
• Carbon capture storage
• Upstream energy operations

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. LNG Export Sales: Production and export of liquefied natural gas to Asian markets including Japan, China, and South Korea through long-term contracts and spot sales. The Barossa field feeds the Darwin LNG export plant.
2. Domestic Gas Supply: Supply of natural gas to domestic Australian market, including a 10-year agreement with South Australian government to supply 20 petajoules annually from Cooper Basin assets starting 2030.
3. Crude Oil and Condensate Sales: Production and sale of crude oil and condensate from Australian and international assets, with realized oil prices averaging $73.05 per barrel.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Santos Ltd is an Australian energy company that explores for, produces, and exports natural gas, liquefied natural gas (LNG), crude oil, and condensate from assets across Australia, Papua New Guinea, and Alaska. The company operates the full LNG value chain through its Gladstone LNG and Darwin LNG export facilities, supplying Asian markets under long-term contracts and on the spot market, while also providing domestic Australian gas supply and operating carbon capture infrastructure.

Product overview

Santos Ltd is an Australian oil and gas company operating across the LNG value chain. The company manages integrated operations including upstream gas and oil production from assets in Australia, Papua New Guinea, and Alaska. Key products include LNG production from the Gladstone LNG, Barossa Gas Project feeding Darwin LNG, and Moomba Carbon Capture and Storage. Infrastructure encompasses the Kutubu Pipeline System and Papua New Guinea's first offshore FSO facility. The portfolio spans from exploration and production through to liquefaction and export, with strategic positioning in major Asian LNG markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Gladstone LNG Queensland LNG project operated by Santos Ltd that converts coal seam gas to liquefied natural gas for export markets, with joint venture partners including Conocophillips, Shell, and Origin Energy.
• Darwin LNG LNG export facility in Darwin, Australia that receives gas supply from the Barossa offshore field for liquefaction and export to international markets.
• Barossa Gas Project Offshore gas field development in Australia feeding the Darwin LNG export plant, supplying natural gas for liquefaction and export to Asian markets.
• Moomba Carbon Capture and Storage Project CCS facility in Australia capable of storing up to 1.7 million tonnes of CO2 annually, launched in October 2024 as part of Santos's decarbonization initiatives for lower-carbon energy supply.
• Pikka Development Oil development project in Alaska, USA, where first oil production was approaching as of early 2026, representing Santos's growth outside Australia into North American upstream assets.
• Cooper Basin Gas Natural gas production assets in the Cooper Basin region of Australia, supplying approximately 30% of output under a 10-year agreement for the Whyalla Steelworks starting 2030.
• Kutubu Pipeline System Pipeline system in Papua New Guinea operated by Oil Search (PNG) Limited, a subsidiary of Santos Ltd, transporting crude oil and condensate from the Kumul Marine Terminal to feed the PNG LNG Project.
• Papua New Guinea Floating Storage and Offloading Facility Papua New Guinea's first offshore floating storage and offloading facility at the Kumul Marine Terminal, storing crude oil and condensate while feeding associated gas into the PNG LNG Project.

Quantifiable outcome

• Production forecast of 101-111 million barrels of oil equivalent in 2026
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• ABL (Oil Search PNG Limited subsidiary)coreStrategic or Co-development Partner · 22 July 2026ABL secured agreement with Oil Search (PNG) Limited, a subsidiary of Santos Ltd, to provide marine warranty survey services for Papua New Guinea's first offshore floating storage and offloading (FSO) facility. The FSO will be deployed at Kumul Marine Terminal as part of the Kutubu Pipeline System, storing crude oil and condensate while feeding associated gas into the PNG LNG Project. ABL's scope covers activities in India, Indonesia, the UK, and Papua New Guinea, with work expected to continue through 2028.
• South Australian GovernmentcoreStrategic or Co-development Partner · 20 February 2026Santos signed a 10-year agreement with the South Australian government to supply 20 petajoules of gas annually from its Cooper Basin assets starting in 2030. This supports the transformation of Whyalla Steelworks into a low-emissions green iron facility using direct reduced iron technology to process local magnetite ore. The contract represents approximately 30% of Santos's current Cooper Basin gas production.
• ConocophillipscoreStrategic or Co-development PartnerConocophillips is a joint venture partner in Australia Pacific LNG project, alongside Santos and Origin Energy. Santos is affected by Australian government policy requiring LNG exporters to reserve 20% of new supply for domestic market.
• Origin Energy Ltd.coreStrategic or Co-development PartnerOrigin Energy is a joint venture partner in Australia Pacific LNG project. Santos holds stake in this Queensland LNG project alongside Conocophillips and Shell.
• Shell PlccoreStrategic or Co-development PartnerShell is a joint venture partner in Queensland LNG projects. Santos's Gladstone LNG project is identified as most at risk under Australian domestic gas reservation policy.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Others

• Whitehaven Coal: Australia's largest independent coal producer. While not directly competing with Santos's gas/LNG focus, it is a domestically comparable ASX-listed energy producer with overlapping investor base, ESG positioning, and exposure to Australian energy policy.

Direct peers

• ConocoPhillips: A direct JV partner in Australia Pacific LNG alongside Santos and Origin Energy. ConocoPhillips operates comparable upstream and LNG operations globally and is materially exposed to the same Australian LNG value chain economics as Santos.
• Origin Energy: An Australian integrated energy company and JV partner with Santos in Australia Pacific LNG. Origin operates upstream gas production and electricity generation, overlapping directly with Santos's domestic gas and integrated energy activities.
• Woodside Energy Group: Australia's largest LNG producer and most directly comparable peer to Santos, operating the North West Shelf and Pluto LNG facilities with similar Asian offtake profiles. Both compete for Australian gas resources and Asian LNG market share.

Emerging players

• INPEX Corporation: Japan's largest LNG operator (Ichthys LNG in Australia) and a key Asian buyer/competitor of LNG cargoes. Operates upstream assets in Australia that overlap with Santos's regional presence, with shared end-market exposure to Japanese utilities.

Broad incumbents

• TotalEnergies SE: Global integrated energy major with a sizable LNG portfolio (Qatargas, Cameron LNG, Ichthys stake) and a growing CCS capability. Comparable in the integrated LNG and lower-carbon solutions strategy Santos is pursuing via Moomba CCS.
• Shell plc: Global LNG major and JV partner in Santos's Queensland LNG projects. Shell's broader LNG portfolio (including Prelude, QGC, and global LNG trading) makes it a broad incumbent comparable in liquefaction capability and Asian market reach.
• Chevron Corporation: A global LNG and upstream major with Australian LNG assets (Gorgon, Wheatstone) that compete head-to-head with Santos in Asian markets. Comparable in scale, integrated value chain, and commodity exposure profile.
• ExxonMobil: Global LNG and upstream major with significant Asia-Pacific LNG exposure through PNG LNG and other facilities. Comparable integrated E&P-to-LNG model, though materially larger and more geographically diversified than Santos.

Regional players

• APA Group: Australia's largest natural gas infrastructure business operating transmission and processing assets that interface directly with Santos's upstream production. Regionally comparable in domestic gas infrastructure and east-coast gas market positioning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/santos-ltd

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Santos Ltd