Adelaide-based oil and gas producer Santos has been dragged deeply into the red by a billion-dollar write-down on its massive investment in Queensland’s nascent LNG export sector.
Santos reported a full year loss of $US1.05 billion ($1.4 billion) on the back of a previously flagged post-tax $US1.1 billion impairment charge on the company’s 30 per cent stake in the $19 billion Gladstone LNG project.
However, the result is still an improvement on the $US1.95 billion ($2.5 billion) loss the year before.
The 2016 impairment is of a simila…
Read the full article at: http://www.abc.net.au/news/2017-02-17/santos-virgin-profit-results/8280962