Santos has announced that it will change its reporting currency from Australian dollars to US dollars. This will commence with the 2016 interim result.
Santos claims that this change reflects a shift in the company’s revenue mix, which is now largely US dollar denominated with Papua New Guinea LNG (PNG LNG) and GLNG in production. In its statement, the company also claims that switching to US dollars will improve comparability with its industry peer group – the majority of which report in US dollars.
Santos’ activities report for 2Q16 ended 30 June 2016 and the half-year financial report for the six months ending 30 June 2016 will be presented in US dollars, including all comparative information.
Edited from press release by David Rowlands