Santos chief executive Kevin Gallagher says a record $US852 million in total dividends paid to shareholders from 2023 net profit and the quality of the oil and gas company’s assets should be weighed against its lagging share price in assessing the fairness of executive pay.

Speaking after Santos posted a 42 per cent dip in underlying 2023 net profit to $US1.423 billion ($2.2 billion) and rewarded shareholders with a 16 per cent increase in the final dividend, Mr Gallagher said he and other top executives had taken a hit to their long-term incentives as a result of the company’s share price lagging benchmarks over the past four years.