Santos posts huge loss for the year

GAS producer Santos has posted a harrowing $935 million loss, a massive fall for the company after posting a $516 million profit last year.

The oil and gas company behind the Gladstone LNG project and associated coal seam gas fields across the Surat Basin reported its full-year position on Friday.

Santos was expected to post a large loss, after a market update earlier this month reported a $1.6 billion impairment from operations in the Cooper Basin and Gunnedah, New South Wales.

But the Queensland project, one of the biggest gas projects in the Sunshine State, did not suffer any losses, while underlying profit across the company was up 6% to about $530 million.

In its report, the company also forecast a $2 billion capital expenditure program this year, around half the value of last year's cap-ex program.