Deal Insight
Santos and Oil Search agree merger
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 9 images and tables including:
- 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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