Santos Announces A$1.6 bn Asset Write Down

Santos on Thursday announced a non-cash impairment charge of approximately A$1.6 billion after tax in its 2014 full-year accounts.

“The impairment charge reflects the lower oil price environment and is a non-cash accounting adjustment that relates to the historical book value of the company’s assets.  Impairment outcomes are subject to finalisation of the full-year accounts, which will be released on 20 February,” the company said.

However Santos stressed that there is no impairment of GLNG, which is on track for first LNG in the second half of 2015 and within budget.

Last month, Adelaide based Santos announced record sales revenue in both the fourth quarter and the full year.