Santos reviewing all capital expenditure


Santos is reviewing all its capital spending plans in light of the collapse in oil prices and will stop all new hiring.

The West Australian is reporting Santos had planned to spend $US1.45 billion ($A2.38 billion) in 2020, including $US500 million on major growth activities, focused on its Barossa gas project off northern Australia and the Dorado oil project off Western Australia.

"Santos is currently reviewing all discretionary capex activities and will be freezing new external hiring for now, but there are no plans for mass job cuts because we have focussed over the last few years on being right-sized to remain resilient at low oil prices," Santos chief Executive Kevin Gallagher said.

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