Just say no to energy! From the AFR:
Australian energy producer Santos has been forced to postpone a €500 million ($733 million) hybrid debt raising in Europe and will slash capital and operating expenditure following a slump in oil prices below $US70 a barrel.
Chief financial officer Andrew Seaton said the company had decided to defer any hybrid issue until market conditions improve, noting the oil market had experienced volatility following the decision by the Organisation of Petroleum Exporting Countries not to cut output at a meeting in Vienna last Friday.
Mr Seaton said Santos holds a “robust” funding position with $2 billion in available liquidity but will review its spending plans for 2015.
…The yield on the securities has spiked by an enormous 40 per cent in two trading sessions to almost 5 per cent from 3.5 per cent at the start of the month.
You’re gonna wait until oil is at $60?
