Chief Executive of Santos steps down after falling profits
The Australian company is facing increasing debt and a takeover is on the cards
The chief executive of Santos, David Knox, has stepped down, after he revealed a crash in first-half profits. The Australian company, which is struggling with a mountain of debt totaling A$8.8bn ($6.4bn), has flagged asset sales but a takeover is also on the cards. A new line of cashflow for the company is due to open up next month with the start of Gladstone LNG (GLNG) in Queensland, but the depressed state of the Asian gas market, where LNG prices are linked to the price of Brent crude, offers little hope of a rapid turnaround in the company’s fortunes. Chairman Peter Coates made clear that he would “turn over every stone” in seeking to restore shareholder value – Santos stock has lost mor
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
