Deal Insight
Santos and Oil Search agree merger
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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.
Table of contents
- 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 1
- Santos and Oil Search production (excluding Alaska)
- Base case NPV10 (US$50/bbl long-term)
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Combined production outlook and 2P commercial reserves
- Santos and Oil Search share price performance
- Santos and Oil Search combined free cash flow and capex
- Santos and Oil Search combined emissions
What's included
This report contains:
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