SYDNEY, Feb 4 (Reuters) - Australia's energy firm AGL Energy (AGL) 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)
News: AGL Australia's AGL says to exit gas unit
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