Santos today announced modifications to its segment reporting structure, effective second half 2016.
Santos today announced modifications to its segment reporting structure, effective second half 2016. The revised segment structure will be reported in the 31 December 2016 financial report, to be released on 17 February 2017 and comparative disclosures will be restated.
In accordance with AASB 8 Operating Segments and Santos’ new strategy announced on 8 December 2016, the Group has identified its operating segments to be the five core assets: Cooper Basin; GLNG; Papua New Guinea (PNG); Northern Australia; and Western Australia (WA) gas, based on the nature and geographical location of the assets. Non-core assets are grouped and reported as Other. This is the basis on which internal reports are provided to the Chief Executive Officer for assessing performance and determining the allocation of resources within the Group.
Segment performance is measured based on earnings before interest, tax, impairment, exploration and evaluation, depletion, depreciation and amortisation (EBITDAX). Corporate and exploration expenditure and inter-segment eliminations are included in the segment disclosure for reconciliation purposes.
The change in segment reporting has no impact on the net profit or loss of the Group. To enable comparisons with prior period performance, historical segment information for the periods ended 31 December 2015 and 30 June 2016 are contained in an appendix to this release. These have been presented in US dollars, the presentation currency of the Group effective 1 January 2016.
The financial information presented in this release has not been audited.