The S&P/ASX 200 index rose 1.7% to close at 6,789.6 in a solid start to March, posting its biggest intraday percentage gain since Jan. 7.

Santos notes the announcement from S&P Global Ratings (S&P) reaffirming Santos’ BBB- credit rating with stable outlook.

The reported net loss after tax of US$357 million includes the previously announced impairments, primarily due to lower oil price assumptions.

Record annual production of 89 mmboe, 18% above the prior year and at the top end of upgraded guidance provided in December

In 2019, China accounted for 24% of Australia’s thermal coal exports.

Santos upgraded its 2020 production guidance to 87-89 million barrels of oil equivalent (mmboe) and lowered its production cost guidance to $8.00-8.50/boe.

Australia and Santos are uniquely placed to offer reliable, zero-emissions energy products to Asian and domestic markets.

Santos, along with Australia's other east coast LNG projects Australia Pacific LNG and Queensland Curtis LNG, have come under pressure from the federal government in recent years to ensure domestic supply amid concerns of shortages since the development of the export projects.

Australian gas exporters argue that their projects are not contingent on Chinese buyers in a growing Asian market.

Third quarter production of 25.1 mmboe was a record for Santos and 22% higher than the prior quarter