ConocoPhillips quits northern Australia in $1.4 billion sale to Santos [Reuters]
ConocoPhillips (COP)
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Source: Reuters
ConocoPhillips quits northern Australia in $1.4 billion sale to Santos - Reuters 4 Min Read MELBOURNE (Reuters) - ConocoPhillips ( COP.N ) has agreed to sell its northern Australian business to partner Santos Ltd ( STO.AX ) for $1.39 billion, in a deal that will hike the Australian group’s output by 25% and boost its position in the global gas market. The deal, which was not unexpected, marks the second major acquisition by Santos in less than a year, following a sharp turnaround in its fortunes under Managing Director Kevin Gallagher, and pushed its shares up 7% in early trade on Monday. ConocoPhillips, which has been focusing on its U.S. shale assets, will quit the Darwin LNG plant, which it opened in 2006, and gas fields off northern Australia, but hold on to its stake in the Australia Pacific LNG plant in Queensland state. “While we believe the Darwin LNG backfill project remains among the lower cost of supply options for new global LNG supply, this transaction allows us to al
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