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Santos plunges to $US1.1b loss
Santos has plunged to a net loss of $US1.1 billion for the first half, dragged down by a heavy write-down on its new liquefied natural gas project in Queensland that it flagged earlier this week.
Angela Macdonald-Smith writes on energy specialising in gas, oil, electricity. Based in our Sydney newsroom, Angela is chief of staff for resources and energy.
Santos has plunged to a net loss of $US1.1 billion for the first half, dragged down by a heavy write-down on its new liquefied natural gas project in Queensland that it flagged earlier this week.
But chief executive Peter Coleman said the oil and gas producer was in a "robust" position as oil price forecasts improve into 2017.
Origin Energy has suffered a loss of $589m after big write-downs, and core profit for 2015-16 plunged 41 per cent to $354m.
Santos has taken a $US1.5 billion hit on the value of its gas export project in Queensland, which has been undermined by the collapse in oil prices.
Record first-half output at Santos thanks to the start-up of the second train at its Qld LNG project was not enough to offset the impact of lower commodity prices.
ExxonMobil has outbid Oil Search for PNG gas explorer InterOil, leaving the ASX-listed player to decide whether it wants to lift its offer.
Woodside Petroleum has agreed to pay about $US430 million ($565.5 million) to serve its way into a potential $US5 billion oil project off the coast of Senegal.
A new mood of openness to co-operation and different ways of working were plainly evident at the annual APPEA oil and gas conference.
Gas pipeline developer says it can still fill a new $800 million pipeline from the NT to Queensland, despite the threat of a Labor moratorium on fracking.
Oil Search CEO Peter Botten says he is "confident" of shareholder support for his $US2.2 billion-plus takeover deal for InterOil.
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