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Santos raises US$2.45 billion via equity issue and asset sale

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Report summary

On 9 November, the Santos board concluded its strategic review with a A$3.5 billion (US$2.45 billion) fundraising proposal. It includes a A$2.5 billion (US$1.75 billion) equity entitlement offer, A$500 million (US$350 million) share placement to Chinese private equity firm Hony Capital, and the sale of Santos' Kipper interest to Mitsui for A$520 million (US$364 million). Kevin Gallagher, currently CEO of oil services firm Clough and ex-head of North West Shelf at Woodside, will be appointed Santos CEO in early 2016. Santos will also initiate a revised dividend framework based on a minimum 40% pay-out ratio (underlying net profits after tax).With finances more stable, Santos and its new CEO now have time to consider further portfolio moves without the perception that the company is a distressed seller.

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    Santos concludes strategic review

    PDF 1.54 MB

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  • Santos raises US$2.45 billion via equity issue and asset sale

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  • Upstream portfolio: strategic fit of assets (bubble size proportional to NPV,10)

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