Market volatility and operational excellence
Our focus is to create long term sustainable growth for our shareholders and the communities in which we operate. While market conditions in FY16 continued to be challenging, we maintained a strong financial position despite significantly lower oil prices. We maintained our focus on improving efficiencies, monitoring costs, managing stakeholder expectations and exploring opportunities for maximising revenue. We reduced our full year capital expenditure by 56% from the previous year and continually reviewed our capital allocation to ensure highest return on investment is achieved. Additionally, a number of projects were undertaken with the aim to improve efficiency and drive operational excellence including the establishment of a private 4G communications network in the Cooper Basin, installation of a Bean Pump at Chiton-3 well and use of a new production chemical.
To further read about these initiatives and our economic performance, please refer to the 2016 Sustainability Report.
2016 Sustainability Report
FY 17 Company outlook