First Impression: Santos-STO--1H16 Result

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.