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Australia's AGL says to exit gas unit

Published 04/02/2016, 09:00 am
Updated 04/02/2016, 09:10 am
Australia's AGL says to exit gas unit
AGL
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NG
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SYDNEY, Feb 4 (Reuters) - Australia's energy firm AGL Energy AGL.AX is exiting its gas exploration and production business due to volatile commodity prices and long development times, leading to a loss of nearly $500 million.

"(AGL) has taken a strategic decision that exploration and production of natural gas assets will no longer be a core business," it said on Thursday.

The company is booking an impairment charge of A$640 million ($458.88 million) after tax against the value of the assets for the six months ended December 31 2015. ($1 = 1.3947 Australian dollars)

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