Ann: Santos announces non-cash impairment, page-4

I think their oil price forecasts are delusional.

Oil demand has already peaked IMO and against a worldwide background of rapidly escalating renewable generation, dramatically falling batter costs and the electric car revolution anyone expecting the oil price to escalate is crazy.

In a falling demand environment, it will become a race to the bottom by existing producers accentuated by massive write backs for asset write-offs, environmental clean ups and business model disruptions.

For example, once your chain of petrol stations is no longer profitable, what are the worth?
Who's going to pay for removing many of them, enviro clean up of sites etc.