Santos posts A$2.7bn loss on impairments, low oil price

Asset writedowns of A$2.8-billion after tax have plunged Australian oil and gas producer Santos into a full-year loss of A$2.7-billion. The impairment charges were primarily a reflection of the current oil price environment and related predominately to the company’s Cooper basin, Gladstone Liquefied Natural Gas (GLNG) and the Gunnedah basin assets, the ASX-listed company reported on Friday.