Wpl has a market cap of 28 billion so a 4 billion net debt is pretty decent.
Shareholders do whinge about ORGs debt (which is very high for its market cap). It does have the utilities side of the business which should produce a more defensive income stream which makes a higher ratio of net debt more tolerable (although not to the extent of 9 billion) in my opinion.
If Santos can keep chipping away at the debt, using cashflow from the business (not hawking assets at firesale prices), and can keep its production stable/growing then it should be in a good position. Time will tell if the oil price holds up and allows this to happen.
STO - BUY IMO, page-6
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