Santos said it was hit with a $1.93billion loss last year after it booked $2.8billion in impairment charges.
The company said it reduced its estimate of oil and gas reserves by a fourth on lower oil prices which have sparked concern amount investors.
Chief executive Kevin Gallagher, who took the helm earlier this month, said his top priority would be to keep costs low in order to survive the current downturn.
Gallagher said: “There’s no question current oil prices present a significant challenge for the oil industry, for Santos and for its shareholders.
“What I suspect is there’ll be a greater appetite in this current environment from all parties to pursue those and make things work.”
Gallagher said he wanted to find ways to save money by working with rivals, including competing LNG producers in Gladstone that have previously resisted opportunities to collaborate.
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