Santos Limited
(ASX:STO) has seen its first half profit slide 82 per cent to $37 million before announcing that David Knox has resigned as CEO.
The gas producer blamed the slump on tumbling oil and LNG prices and the profit figure was lower than had been anticipated.
While production volume pushed up 13 per cent sales fell 15 per cent to $1.6 billion.
A focus on cost reduction saw CAPEX down 55 per cent on 2014 levels with costs per barrel also falling.
An interim dividend of $0.15 per share was declared.
With its share price tumbling the board says it will conduct a full strategic review to explore all the options to restore shareholder value.
The company says David Knox will remain as CEO until a successor is appointed.
Santos Limited
(ASX:STO) has seen its first half profit slide 82 per cent to $37 million before announcing that David Knox has resigned as CEO.
The gas producer blamed the slump on tumbling oil and LNG prices and the profit figure was lower than had been anticipated.
While production volume pushed up 13 per cent sales fell 15 per cent to $1.6 billion.
A focus on cost reduction saw CAPEX down 55 per cent on 2014 levels with costs per barrel also falling.
An interim dividend of $0.15 per share was declared.
With its share price tumbling the board says it will conduct a full strategic review to explore all the options to restore shareholder value.
The company says David Knox will remain as CEO until a successor is appointed.
