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Australia's Santos aims to reduce debt to $2 bln by 2019
November 8, 2017 / 9:39 PM / a month ago

Australia's Santos aims to reduce debt to $2 bln by 2019

Nov 9 (Reuters) - Australia’s Santos Ltd said on Thursday it aimed to cut its debt to $2 billion by 2019 and that it expected its full year production to be in the upper limit of its previously stated forecast.

Santos, which is in a turnaround phase, had said in Dec. 2016 that it would cut net debt to less than $3 billion by the end of 2019 by growing operating cash flow and selling non-core assets and infrastructure.

Last month, the company upped its production forecast range for 2017 to between 58 million and 60 million barrels of oil equivalent (mmboe), from earlier guidance of 57 million to 60 million mmboe. (Reporting by Nicole Pinto in Bengaluru; Editing by Byron Kaye and Robin Pomeroy)

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