June 28 (Reuters) - Australia's Santos Ltd (STO) said on Thursday its board approved a new dividend policy to target a payout range of 10-30 percent of annual free cash flow, citing a favourable oil price cycle.
"Given the cyclical nature of the industry, the board will also consider additional returns to shareholders above the ordinary dividend when business conditions permit," the gas producer said in a statement.
Santos, which will report its first-half results in August, also said it was on track to achieve its net debt reduction target in the second half of 2018.
News: STO Australia's Santos set to resume paying dividend earlier than expected
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