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SANTOS LIMITED — Capital/Financing Update 2020
Mar 24, 2020
65872_rns_2020-03-24_6123a399-58ca-4b98-a9db-4921abcbd344.pdf
Capital/Financing Update
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ASX / Media Release
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25 March 2020
S&P reaffirms Santos’ investment grade credit rating
Santos notes the announcement from S&P Global Ratings (S&P) reaffirming Santos’ BBBcredit rating with stable outlook.
S&P noted Santos has a solid buffer to withstand current oil prices due to the strong balance sheet built up over the past two to three years. S&P also noted Santos has the financial capability to undertake the previously announced acquisition of ConocoPhillips’ northern Australia and Timor-Leste business.
Santos Chief Financial Officer Anthony Neilson said Santos’ disciplined operating model is focussed on maintaining a strong balance sheet and generating operating cash flow through improvements in productivity and maintaining discipline in capital expenditure through the cycle.
“The confirmation from S&P of Santos’ BBB- (stable) rating is an outcome of the disciplined low-cost operating model we have implemented over the past four years making us more resilient through the oil price cycle. This model combined with the disciplined financial measures we announced yesterday, including material reductions in 2020 capital and operating expenditures, ensure Santos is well-positioned in the current lower oil price environment,” Mr Neilson said.
Ends.
This ASX announcement was approved and authorised for release by Kevin Gallagher, Managing Director and Chief Executive Officer.
Media enquiries James Murphy +61 (0) 478 333 974 [email protected]
Investor enquiries
Santos Limited ABN 80 007 550 923 GPO Box 2455, Adelaide SA 5001 T +61 8 8116 5000 F +61 8 8116 5131 www.santos.com
Andrew Nairn +61 8 8116 5314 / +61 (0) 437 166 497 [email protected]
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