Santos (STO) - Interim result below our estimates. Launches strategic review and CEO steps down

Bell Potter

Stockbroker

Santos' CEO steps down and the Board is undertaking a thorough strategic review of all options to restore and maximise shareholder value in the face of the continuing pressures on oil prices globally. Cost Reduction: Capital expenditure for 1H15 was $845m, 55% below 2014 levels and production costs per barrel by 11% to A$13.70/boe. STO is also considering asset divestments as part of its ongoing portfolio management. Operational efficiency: 565 positions removed, $100m pa gross labour cost savings. More available here: (VIEW LINK)


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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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