Related Articles
Forward article link
Share PDF with colleagues

Chief Executive of Santos steps down after falling profits

The Australian company is facing increasing debt and a takeover is on the cards

The chief executive of Santos, David Knox, has stepped down, after he revealed a crash in first-half profits. The Australian company, which is struggling with a mountain of debt totaling A$8.8bn ($6.4bn), has flagged asset sales but a takeover is also on the cards. A new line of cashflow for the company is due to open up next month with the start of Gladstone LNG (GLNG) in Queensland, but the depressed state of the Asian gas market, where LNG prices are linked to the price of Brent crude, offers little hope of a rapid turnaround in the company’s fortunes. Chairman Peter Coates made clear that he would “turn over every stone” in seeking to restore shareholder value – Santos stock has lost m

Also in this section
Rosneft: scaling the heights of power
19 April 2017
High-wire deal-making has become the hallmark of Russia's national oil champion. But are expansion plans risking too much?
Tatneft edges towards the precipice
5 April 2017
The company's finances are under severe strain, as its resources are drained off to prop up an ailing local economy
China's oil loans run into trouble
5 April 2017
China extended much credit to secure oil supplies. Now it needs borrowers to start repaying