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

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.

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.
Source: Reuters (Reporting by Shriya Ramakrishnan in Bengaluru Editing by Chris Reese)

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