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Companies & Markets

Santos reviews all capital spending in wake of oil price collapse

Published Mon, Mar 16, 2020 · 11:16 PM
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[MELBOURNE] Santos, Australia's no.2 independent gas producer, said on Tuesday it is reviewing all its capital spending plans in light of the collapse in oil prices and would stop all new hiring.

"Santos is currently reviewing all discretionary capex activities and will be freezing new external hiring for now, but there are no plans for mass job cuts because we have focussed over the last few years on being right-sized to remain resilient at low oil prices," Santos chief executive Kevin Gallagher said in emailed comments to Reuters.

REUTERS

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