ConocoPhillips sells northern Australia assets to Santos for $1.39 billion [Reuters]
ConocoPhillips (COP)
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Source: Reuters
ConocoPhillips sells northern Australia assets to Santos for $1.39 billion - Reuters 4 Min Read MELBOURNE (Reuters) - ConocoPhillips ( COP.N ) has agreed to sell its northern Australian business to its partner Santos Ltd ( STO.AX ) for $1.39 billion, in a deal that will boost the Australian oil and gas group’s output by 25%. 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. “The acquisition of these assets fully aligns with Santos’ growth strategy to build on existing infrastructure positions while advancing our aim to be a leading regional LNG supplier,” Gallagher said in a statement. While quitting the Darwin LNG plant, which it opened in 2006, and gas fields off northern Australia, ConocoPhillips said it would hold on to its stake in Australia Pacific LNG, which it runs in the state of Queen
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Sec Filings
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