The plunging oil price has taken another scalp with Santos Limited
(ASX:STO) forced to hold back on a $733 million hybrid debt raising in Europe.
The capital raising, touted last month, will be deferred until market conditions are more conducive.
Santos has hoped to capitalize on European interest after a successful $1.4 billion issue was heavily Euro dominated.
The company will instead focus on reducing capital and operating expenditure despite increased cash flow from the PNG LNG project.
Chief Financial Officer Andrew Seaton said the company had flexibility about the timing of the issue and enjoyed a robust funding position with around $2B in available liquidity.
Santos reported a net profit of $206 million for the half year ended 30th June 2014.
