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Santos Reports US$658 Million Annual Profit, Reviews Capital Management Framework
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Santos, Oil Search Agree Merger to Create A$21 Billion Energy Company
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Provided by Dow Jones By David Winning SYDNEY Santos Ltd. said it approached Oil Search Ltd. about a possible merger last month, but its proposal to create an energy company with a market value of 22 billion Australian dollars (US$16.1 billion) was rejected. Santos said it offered 0.589 of its own shares in exchange for each Oil Search share on issue. A deal would have led to Santos shareholders owning 63% of the combined company, with Oil Search investors holding the remaining stock. The proposal implied a value of A$4.25 for each Oil Search share, Santos said, representing a 16% premium to the stock s closing price on Monday.
Provided by Dow Jones By David Winning SYDNEY Santos Ltd. said its first-quarter oil and gas output fell by 2% compared to the prior quarter, largely due to lower gas demand in Western Australia state and unplanned maintenance in Papua New Guinea. Santos reported oil and natural gas production of 24.8 million barrels of oil equivalent in the three months through March. Still, that output was 39% higher than a year earlier as it included contributions from the Northern Australia assets acquired from ConocoPhillips in May last year. Santos said higher GLNG equity gas production from the Roma and Arcadia fields supported annualized LNG production of 6.4 million metric tons in the quarter.
Santos Makes US$357 Million Annual Loss
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