Investor Presentaiton

Northern Australia Santos Material offshore and onshore acreage to pursue backfill and expansion of Darwin LNG and domestic gas opportunities Bayu Undan & DLNG Barossa BAROSSA Petrel-Tern-Frigate Frigate Tern Petrel Poseidon TP28 Browse Basin WA-315-P Crown WA-81-R WA-84-R Lasseter WA-398-P WA-281-P WA-79- W WA-80-R Ownership Infrastructure led development opportunities Petrel Tern-Frigate Crown- Lasseter Santos 68.4%¹ (STO operator) Santos 62.5%¹ (STO operator) Santos 40.25% Santos 100% Santos 30% (Operator: Neptune) (STO operator) + Nameplate capacity: 3.7 Mtpa + Potential for future capacity expansion up to 10 mtpa + Further infill drilling in Bayu Undan + Preferred candidate to backfill Darwin LNG project + Currently in FEED + FID expected by early 2020 + First gas expected 2024 + Discovered resource in close proximity to Darwin and infrastructure + Commercialisation pathways under consideration 1 Santos to acquire ConocoPhillips' interests in and operatorship of Darwin LNG, Bayu-Undan, Barossa and Poseidon, subject to third-party consents and regulatory approvals. Western Australia & Northern Territory Site Visit 2019 (STO operator) Greater Poseidon¹ Santos 40% (STO operator) + Significant contingent resource footprint + Combined standalone development or backfill for existing facilities 21

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