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Santos Ltd | 2024 Investor Day Presentation | Kevin Gallagher | Page 1 of 11 | September 11, 2026

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Media enquiries Samantha Hutchinson +61 (0) 425 317 171 Samantha.Hutchinson@santos.com Investor enquiries Brian Massey +61 8 8116 7354 | +61 (0) 432 099 391 Brian.Massey@santos.com Santos Limited ABN 80 007 550 923 GPO Box 2455, Adelaide SA 5001 T +61 8 8116 5000 | F +61 8 8116 5131 santos.com Page 1 ASX / Media Release 19 November 2024 Santos announces updated capital allocation framework and carbon storage growth target Santos today announced an updated capital allocation framework that will target returns to shareholders of at least 60 per cent of all-in free cash flow from 2026, following a period of major capital investment to bring significant new production online from the Barossa and Pikka projects. In addition, Santos announced a carbon storage growth target to build and operate a commercial carbon storage business that would permanently store approximately 14 million tonnes of third-party CO2e per annum by 2040. 1 The target is equivalent to around 50 per cent of Santos’ 2023 equity Scope 3 emissions from the combustion and use of our products. The successful startup of Santos’ 1.7 million tonnes per annum Moomba Carbon Capture and Storage (CCS) project last month, with the technology and reservoirs performing as expected, demonstrates the potential for future phases to provide safe, low-cost, permanent carbon storage for customers and hard-to-abate industries. Speaking at the company’s Investor Day in Sydney, Managing Director and Chief Executive Officer Kevin Gallagher said today’s announcement confirms Santos’ commitment to prioritise shareholder returns when new production comes online and to support the global energy transition while generating new revenue streams for the business. “Santos has been unrelenting in sticking to its strategy and implementing its disciplined operating model,” Mr Gallagher said. This continues to deliver strong production and project execution to backfill our infrastructure with highlights including: ? Angore wells in PNG now online with two wells successfully commissioned and connected, supplying up to 350 million standard cubic feet of gas per day to sustain PNG LNG production ? Commencing drilling of the highly prospective Hides Footwall structure ? Barossa now 84 per cent complete with first gas expected in third quarter 2025 ? Pikka now ~70 per cent complete with first oil expected by the first half of 2026. Santos’ world-class LNG portfolio is backed by long-term contracts with tier one buyers and flexible contract terms to provide risked upside potential. “The proximity of our projects to Asian markets provides a significant shipping cost and emissions advantage compared to supply from east coast US and Middle East suppliers,” Mr Gallagher said. “We are delivering on our strategy to develop upstream production to backfill and sustain our leading infrastructure position, decarbonise our operations and build a commercial carbon management services and low-carbon fuels business to meet future demand. “With Barossa and Pikka coming online, Santos’ production is expected to increase by more than 30 per cent by 2027 compared to 2024, significantly lowering unit production cost which will support strong free cash flow generation throughout the commodity price cycle. 1 This is a target not a forecast and is a growth target for gross storage from Santos operated carbon storage projects. The target is ambitious and subject to substantial engineering, finance, commercial and policy work to establish enabling frameworks with customers, governments, regulators and other stakeholders. The potential projects that would enable achieving the target remain at an early phase of planning and commercial and economic viability is still to be confirmed.