Gallagher revealed this in the company’s fourth-quarter and 2025 results report on Wednesday.
Santos reported annual production of 87.7 mmboe, sales volumes of 93.5 mmboe, underlying net profit after tax of $898 million, and free cash flow generation of $1.8 billion.
Underlying profit dropped from $1.2 billion in 2024.
The Santos board has resolved to pay a final dividend of $10.3 cents per share, unfranked
Santos said the board’s decision reflects the “strong balance sheet position and de-risking of Barossa and Darwin LNG with first cargo achieved in early 2026.”
Gallagher said the results demonstrated the “strength of our base business, built through the continued commitment to the disciplined low-cost operating model.”
“As these major growth projects come to an end and become a part of the base business, and as we deliver on our cost savings objectives, we are targeting a headcount reduction of around 10 percent, rightsizing the business,” he said.
According to the Santos 2025 annual report, Santos has 4,028 employees.
Gallagher provided further details regarding staff reduction during the Santos earnings call.
He said that part of the headcount reduction is a “natural transition.”
“As you transition from the projects phase .. the two big projects we’ve had ongoing, and it’s pretty natural that your headcount goes up as you build these projects, and as they come off, a lot of those people roll off the organisation, you move on into the operations phase,” he said.
“And some of it’s more from efficiencies and technology improvements, allowing us to see some headcount or FTE reductions as a consequence of that,” he said.
“I’d see most of that occurring over this year as these projects come online, and so yeah, it’s pretty short to medium-term,” Gallagher said.
