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Santos notes the announcement from S&P Global Ratings (S&P) reaffirming Santos’ BBB- credit rating with stable outlook.

S&P noted Santos has a solid buffer to withstand current oil prices due to the strong balance sheet built up over the past two to three years. S&P also noted Santos has the financial capability to undertake the previously announced acquisition of ConocoPhillips’ northern Australia and Timor-Leste business.

Santos Chief Financial Officer Anthony Neilson said Santos’ disciplined operating model is focussed on maintaining a strong balance sheet and generating operating cash flow through improvements in productivity and maintaining discipline in capital expenditure through the cycle.

“The confirmation from S&P of Santos’ BBB- (stable) rating is an outcome of the disciplined low-cost operating model we have implemented over the past four years making us more resilient through the oil price cycle. This model combined with the disciplined financial measures we announced yesterday, including material reductions in 2020 capital and operating expenditures, ensure Santos is well-positioned in the current lower oil price environment,” Mr Neilson said.