Santos has appointed Lachlan Harris as its new Chief Financial Officer, effective immediately. He had been serving as the acting CFO since October, following the departure of the previous CFO, Sherry Duhe.

Background and Appointment Rationale

Harris's appointment follows a period of significant change for the company, including the calling off of an $18.7 billion acquisition bid by an Adnoc-led consortium just prior to Duhe's departure. Santos CEO Kevin Gallagher endorsed the appointment, citing Harris's deep knowledge of the business and complex markets. Gallagher highlighted Harris's recent leadership of a significantly oversubscribed US$1 billion 10-year bond offering. The CEO expressed confidence that Harris's experience positions him to support the company's strategic execution, disciplined low-cost operating model, and capital allocation framework to deliver long-term shareholder value.

Harris's Career and Industry Perspective

Harris joined Santos from KPMG in 2010 and has since held various leadership roles within the company across treasury, finance systems, and risk. Industry observers were not surprised by his permanent appointment, given his long tenure at Santos and his recent role as acting CFO.

Recent Company Strategy and Portfolio Changes

Following the failed takeover bid, Santos has been streamlining its upstream portfolio through divestments of domestic assets. These include:

• The sale of its 42.71% interest in the Petrel fields and 100% interest in the Tern fields in the Bonaparte basin to Italy's Eni.
• A conditional agreement to divest its 42.86% operated interest in the Mahalo joint venture in Queensland's Bowen basin to Comet Ridge.

Future Exploration Plans

Concurrently, the company is planning extensive future activity, having submitted drilling plans for the prospective Bedout basin offshore Australia to the regulator NOPSEMA for approval. This exploration and appraisal campaign is scheduled to run from 2026 to 2031.