Santos Limited announced today, , the upcoming retirement of Non-Executive Director Yasmin Allen AM, effective . Allen’s departure marks the end of a nearly twelve-year tenure on the Santos board, beginning with her appointment in October 2014.
During her time as a director, Allen oversaw a period of significant change for the Australian oil and gas producer, including the execution of three major growth transactions, two substantial project developments, and the establishment of one of the world’s largest onshore carbon capture and storage (CCS) facilities at Moomba. The company highlighted her contributions to shareholder value creation in its announcement.
Allen also held the position of Chair of the People, Remuneration and Culture Committee from September 2017 to April 2024, and was a member of both the People, Remuneration and Culture Committee and the Audit and Risk Committee. Her retirement coincides with the completion of her current term on the board.
The announcement comes amidst a period of strategic repositioning for Santos. The company recently announced the first cargo from its Barossa LNG project on , signaling progress on a key growth initiative. However, the company is also navigating a complex energy landscape, facing increasing scrutiny over its environmental impact and future energy transition plans.
Recent financial reports indicate a mixed performance. While the Barossa LNG project is coming online, Santos reported weaker-than-expected profits for the 2025 year and announced plans to cut approximately 400 jobs, representing 10% of its workforce. This cost-cutting measure is intended to optimize the company’s portfolio and improve financial performance.
Adding to the complexity, Santos CEO Kevin Gallagher received a substantial bonus of approximately $4.7 million for the 2025 year, largely tied to performance rights linked to the Barossa LNG project and emissions reduction targets. This payment has drawn criticism given the concurrent announcement of job cuts. The bonus was part of a “CEO growth incentive” agreement established in 2021.
The company also recently completed the repayment of a project finance facility related to the PNG LNG project on , and divested two non-core assets as part of its portfolio optimization strategy. Santos also successfully priced a $1 billion 10-year bond in November 2025.
The Moomba CCS project, a key component of Santos’ decarbonization strategy, received a record number of Australian Carbon Credit Units after its first year of operations in November 2025. This project is intended to demonstrate the company’s commitment to reducing its carbon footprint and contributing to Australia’s emissions reduction targets.
Santos has been involved in ongoing legal proceedings with ACCR (Australian Centre for Corporate Responsibility), with a statement released on addressing the matter. The details of the dispute were not disclosed in the available information.
The retirement of Yasmin Allen AM represents a change in leadership at a critical juncture for Santos. The company is balancing the demands of delivering shareholder value, navigating the energy transition, and responding to increasing environmental and social pressures. The board will now begin the process of identifying a suitable replacement for Allen, a process that will be closely watched by investors and industry observers.
Santos’ full-year results for 2025 were released on , alongside the announcement of Allen’s retirement. The company’s annual reserves statement and additional guidance for 2025 were also published on .
