First Impression: Santos-STO--1H16 Result

Bell Potter


Net loss of US$1,104 million reflecting previously announced GLNG impairment of US$1,050 million after tax and lower oil prices | Unit upstream production costs were down by 15% to US$8.80/bo | Capital expenditure down by 58% to US$283 million | Realised oil price US$42.79 per barrel in first half 2016 compared to US$60.36 per barrel in 1H15. Average LNG price was 42% lower at US$5.70/mmbtu | Net operating cash flow was down 30% to $291 million primarily attributable to lower sales revenue impacted by lower global oil prices.

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Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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