Gladstone hit smashes Santos

SANTOS has confirmed a net first half loss of $US1.104 billion ($A1.44 billion), reflecting previously announced Gladstone LNG impairment of $1.05 billion and lower oil prices.

Looking for the silver lining, new Santos CEO Kevin Gallagher said net debt was down $220 million to $4.5 billion and its free cash flow breakeven oil price was on track to fall from $47/bbl to $43.