Aussie LNG stocks flogged into perfect storm

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Check this out, from Morgan Stanley:

Santos provided an update on Q2 production activities. The early stages of cost cutting are evident. We expect further progress on this front over the next 12 months.

Production in Q2FY16 was 15.5mmboev MSe of 15.1mmboe. Santos has started reporting in US$. This is the first time. Our revenue estimate for the quarter was A$798m, close to Santos’s reported revenue of US$598m – assuming a US$/A$ exchange rate of just under 0.74 for the first six months of the year.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.