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Santos Financial Year loss drops amid rising oil price

Friday 17th of February 2017 10:50:51 AM



On the back of rising oil prices and cost cutting, Santos has almost halved its full-year loss to $US1.047 billion ($A1.361 billion).

Net loss for the 12 months to December 31 narrowed by 46.4%, compared to the prior corresponding period, with Santos reporting an underlying profit of $US63 million once a previously announced $US1.1 billion impairment is stripped out.

"Santos was free cash flow positive at $US36.50 per barrel and generated $US370 million in free cash flow over the last eight months of the year. This is pleasing progress but there is still more to be done," chief executive Kevin Gallagher said in a statement on Friday.



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