Business
Santos latest to write down gas investments, as total Australia losses near $20 billion – RenewEconomy
Santos is the latest gas company to write off more than $1b from its gas investments, as total reported losses by Australian gas sector approaches $20b.
Santos has become the latest Australian gas company to write off the value of its gas investments, announcing that it expects to record a $1 to $1.1 billion impairment as a result of a crash in global oil and gas prices.
Santos revealed the impairment in a statement to the ASX on Tuesday, telling investors that due to a collapse in global oil prices, caused by Covid-19 triggered falls in energy consumption and which has flow-on effects on gas prices, it was forced to write down the value of its…
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