Energy giant Santos has reported a full year net loss of $2.7 billion, after taking impairments of $3.9 billion against its production assets to reflect the slump in oil prices. The oil and gas producer said underlying profit for the year ended December 31 had slid 91 per cent to $50 million, while sales revenue was down 20 per cent to $3.2 billion. Santos has maintained its 2016 production guidance between 57 to 63 mmboe (million barrels of oil equivalent), but slashed capital expenditure guidance to $1.1 billion.
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