Energy giant Santos will take an impairment charge of $US1.5 billion ($A2 billion) against the carrying value of its Gladstone liquefied natural gas project in Queensland.
Energy giant Santos will hand at least 40 per cent of its underlying net profit back to shareholders as dividends despite a tough year due to falling oil prices.
Energy giant Santos says it can withstand a prolonged slump in oil prices despite taking an eye watering $2.7 billion full-year loss due to $2.8 billion in write-downs.
Beach Energy and Santos are the latest Australian oil and gas companies to flag big write-downs, with Beach announcing late today it would cut capital spending and make impairment charges of up to $650 million.
Oil and gas producer Santos plans to cut its debt by $3.5 billion through two capital raisings and one asset sale, in an effort to ride out weak oil prices, and has recruited Clough boss Kevin Gallagher as its new chief executive.
Santos has announced a sweeping strategic review after managing director David Knox agreed to step down from the oil and gas producer following a protracted decline in investor support and an 82 per cent plunge in first-half profit.
