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 mor

Also in this section
Saudi Arabia pushes ahead with IPO
22 March 2017
The state firm is making the right noises about its privatisation, but the clock is ticking and market fundamentals could still shift
An M&A lifeline in the North Sea
15 March 2017
Assets that cut tax bills could be a blessing for UKCS operators looking for a bargain
Depth, breadth and data
15 March 2017
Fresh from the merger with Baker Hughes, GE Oil & Gas boss tells Petroleum Economist about his firm's plans for digital analysis, cost-cutting and recovery