The oil price collapse hit Santos at a time of maximum balance sheet stress, and the ramifications have been transformational. Santos announced a change in strategy in December 2016. The key focus was to drive shareholder value by maximising the performance of its core business. In order to achieve this, the company was re-organised around five core areas: Cooper Basin, GLNG, PNG, Northern Australia and Western Australian gas. The impact of the low oil prices on Santos' exploration has been significant. The exploration team has been downsized, restructured and budgets have been reduced. The company leveraged savings in rig, well evaluation and maintenance contracts to maximise activity within those budgets. This resulted in Santos' 2017 E&A activity focusing on less expensive onshore targets in Australia.