Name: Santos and Oil Search agree merger
Brand: Wood Mackenzie
SKU: 137894
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 11 August 2021

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Report summary

Santos and Oil Search have provisionally agreed to an all-share merger that will create the largest Australia-listed E&P. With a combined market capitalisation of over US$16 billion, the company will surpass that of local rival Woodside Petroleum. The complementary nature of Santos and Oil Search's interests in Papua New Guinea will increase the combined entity's LNG-focus, a strategically important resource theme for the transition to lower-carbon sources of energy.

Executive summary
Transaction details
Upstream assets
- Santos
- Oil Search
- Papua New Guinea
- Portfolio evolution
Deal analysis
- Bid premium
- Financial outlook
- Emissions
Upsides and risks
- Upsides
- Downsides
Strategic rationale
- Scale
- Portfolio synergies
- Optimisation opportunities
Oil & gas pricing and assumptions

Tables and charts

This report includes the following images and tables:

Executive summary: Table 1Santos and Oil Search production (excluding Alaska)Base case NPV10 (US$50/bbl long-term)

Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Combined production outlook and 2P commercial reservesSantos and Oil Search share price performanceSantos and Oil Search combined free cash flow and capexSantos and Oil Search combined emissions