Metrics and Targets 35-36

Internal Carbon Prices

Carbon Pricing Framework: Our current carbon planning price assumption projects a carbon price of ~US$63 per tonne of carbon dioxide equivalent (tCO2e) (real 2025) in 2030.

Carbon Credits Integration:

• ACCU Generation: 907,872 Australian Carbon Credit Units received for Moomba CCS in 2025
• Revenue Potential: Carbon credits provide potential revenue streams from storing CO2
• Market Integration: Carbon pricing considerations integrated into project economics and investment decisions

Application in Decision-Making: Carbon pricing assumptions are used in:

• Project evaluation: Assessment of climate-related investments and CCS projects
• Capital allocation: Integration into disciplined capital allocation framework
• Strategic planning: Consideration in long-term business planning and CTAP development

External Carbon Market Participation: Santos participates in carbon credit markets through:

• ACCU sales: Potential revenue from Australian Carbon Credit Units
• Offset strategy: Use of high-integrity emissions reduction units as part of emissions hierarchy (avoid, reduce, offset)

For the purposes of the scenario analysis we projected the future emissions profile at the refinery based on assumed feedstock volume and quality, over a five year period. We also considered other variables, including the potential impact of direct abatement investment, the future application of TEBA and a range of forecast ACCU prices.

We currently engage in the surrendering of Australia Carbon Credit Units (ACCUs) to meet our obligations under the SGM.

The Group incurred net compliance costs under the SGM in FY2025 amounting to $3.5 million. The Geelong Refinery currently holds Trade-Exposed Baseline-Adjusted (TEBA) status under the SGM, which reduced our cost exposure in 2025.

Based on these hypothetical assumptions, the associated short‑term compliance costs to the Group under the low warming scenario are estimated to range from $57.4 million to $105.2 million cumulatively to 2030.

Under the high warming scenario, the associated short‑term compliance costs are estimated to range from $63.1 million to $112.8 million cumulatively to 2030.