Santos Posts Record Q3 Output and $957 Million Free Cash Flow as Barossa, Pikka Ramp Up

Santos reported record third-quarter 2026 production and cash flow, driven by ramping output from the Barossa LNG development offshore Australia and the Pikka oil project in Alaska. Quarterly production hit a record 26.3 million barrels of oil equivalent, up 23% year-over-year and nearly 14% from the prior quarter, while quarterly sales revenue climbed 49% sequentially and 78% year-over-year to about $2.01 billion. The gains generated record quarterly free cash flow from operations of roughly $1.07 billion, with free cash flow at $957 million. Barossa feed gas deliveries to Darwin LNG peaked at about 600 million cubic feet per day, and Darwin shipped ten LNG cargoes and two condensate cargoes at 98.5% reliability. Pikka briefly exceeded 80,000 barrels per day of gross production before weather and a Kuparuk pipeline shutdown disrupted output; Santos said flows will stay near 70,000 bpd temporarily to restore reservoir pressure via water injection. Santos narrowed full-year 2026 production guidance to 99–102 mmboe from 99–105 mmboe. International operations in Papua New Guinea and Alaska generated about half of quarterly free cash flow. Santos also agreed to buy an additional 3.3% of Papua LNG from TotalEnergies, raising its stake to 21%, targeting a fourth-quarter final investment decision.