Santos: Completes US$1.265B ConocoPhillips acquisition
- Oil and gas giant Santos (STO) has completed the US$1.265 billion acquisition of ConocoPhillips northern Australian and Timor-Leste assets
- Due to the recent uncertainty surrounding market conditions, the price has decreased from the original US$1.39B to this new price
- However, the contingent payment has increased from US$75 million to US$200M
- This acquisition gives Santos control and operator-ship of a high-quality portfolio of low-cost, long-life natural gas assets and strategic LNG infrastructure
- It also provides a significant boost to Santos’ 2020 production and cash flows
- Santos is down a slight 2.31 per cent and shares are currently trading for $5.49 each
