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