Santos Buys ConocoPhillips's Northern Australia Assets
October 13 2019 - 6:02PM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--Santos Ltd. (STO.AU) said Monday it will
buy ConocoPhillips's (COP) stakes in assets in northern Australia
for US$1.39 billion, plus a further US$75 million contingent on a
final investment decision being taken on the Barossa natural-gas
project.
The agreement covers operating interests in the Darwin liquefied
natural gas operation, Bayu-Undan, Barossa and Poseidon projects
and will be full funded from existing cash and new committed debt,
Santos said.
The company said it expects the assets will lift its earnings
per share by about 16% in 2020, and increases pro-forma production
by about 25% while reducing its forecast 2020 free cash flow
breakeven price to about US$4 a barrel.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
October 13, 2019 17:47 ET (21:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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