Shareholders at the company’s annual general meeting last Wednesday repeatedly questioned why the company was taking too long to respond to a falling oil price which drove a full-year loss of $2.7 billion (K6.37 billion).
Chairman Peter Coates said oil fell further and faster than anyone in the industry anticipated.
“We got it wrong, sure... we can’t control the oil price but we could control our business,” he said.
“The board is intent on ensuring Santos emerges from the oil price challenge as a more productive, agile and leaner business.” Santos will give 40 per cent of net profit to shareholders in dividends. – AAP