AUSTRALIA

Santos profit crash

SANTOS has posted an 82% crash in its profit from $258 million to around $37 million due to plunging oil prices and higher exploration costs of $194 million despite higher production, after enduring one of the worst periods in its recent history.

Haydn Black

The oil price tells the story of Santos' woes: the company realised $US60 per barrel in the second half of last year compared to $US115/bbl in the first half, a drop of 47%, and of course the oil price...

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