Australia's Santos to book up to $560 mln impairment on virus hit

Credit: REUTERS/DAVID GRAY

Australia's Santos on Tuesday said it will book non-cash impairments of up to $560 million after tax, joining a number of global energy majors that have been forced to write down assets after a coronavirus-induced slump in oil prices.

July 21 (Reuters) - Australia's Santos STO.AX on Tuesday said it will book non-cash impairments of up to $560 million after tax, joining a number of global energy majors that have been forced to write down assets after a coronavirus-induced slump in oil prices.

The country's second-largest independent gas producer expects to record non-cash charges of between $490 million and $560 million after tax in its 2020 interim results, it said in a statement.

Santos is set to report its first-half results on Aug. 20.

(Reporting by Shriya Ramakrishnan in Bengaluru Editing by Chris Reese)

((Shriya.Ramakrishnan@thomsonreuters.com; +91 8061822842 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More