March 22, 2020 / 11:19 PM / 8 days ago

BRIEF-Santos Announces $550 Million Reduction In 2020 Capex

March 23 (Reuters) - Santos Ltd:

* COVID-19 RESPONSE AND BUSINESS UPDATE

* FORECAST CAPEX IN BASE BUSINESS IN 2020 REDUCED BY $200 MILLION WHILST MAINTAINING PRODUCTION AND SAFE OPERATIONS

* SANTOS LTD ANNOUNCES $550 MILLION REDUCTION IN 2020 CAPITAL EXPENDITURE DUE TO COVID-19

* CONOCOPHILLIPS ACQUISITION IS EXPECTED TO COMPLETE IN FIRST HALF OF 2020

* TARGET 2020 FREE CASH FLOW BREAKEVEN OIL PRICE OF $25 PER BARREL

* REDUCTIONS IN EXPENDITURE IN BASE BUSINESS ARE NOT EXPECTED TO IMPACT 2020 PRODUCTION GUIDANCE

* TO DEFER FID ON BAROSSA UNTIL BUSINESS CONDITIONS IMPROVE

* ANNOUNCES $50 MILLION REDUCTION IN 2020 CASH PRODUCTION COSTS DUE TO COVID-19 Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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