Santos posts half-year loss on impairment, sales up

Oil and gas developer Santos on Friday reported disappointing results, with a first half net loss of $1.1-billion, impacted significantly by an impairment charge for the Gladstone liquefied natural gas (GLNG) project of $1.05-billion after tax and lower oil prices. The company earlier said it was writing down the value of its GLNG project, in Queensland, owing to low oil and gas prices. Santos said that during the course of this year, there had been a slower ramp-up of GLNG equity gas production and an increase in the price of third party gas.