Woodside and Santos end merger discussions

Offshore gas drilling rig in the ocean with beautiful pink and blue sunset behind it (merger)
Offshore gas platform (Image: Shutterstock)

Oil and gas companies Woodside and Santos have ended discussions of a potential merger, which Woodside says “did not result in a transaction”.

Related article: Woodside and Santos confirm talks of merger

“Woodside has ceased discussions regarding a potential merger with Santos Ltd,” the oil and gas giant said in a statement.

“As a global energy company, Woodside continuously assesses a range of organic and inorganic growth opportunities.

Woodside CEO Meg O’Neill said that for every opportunity Woodside assesses, it conducts thorough due diligence, and will only pursue a transaction that is value accretive for its shareholders.

“We continue to be disciplined in our approach to mergers and acquisitions and capital management to create and deliver value for shareholders. While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation,” O’Neill said.

“Woodside’s world-class global portfolio, growth pipeline and strong balance sheet underpin our attractive investment proposition for Australian and global investors.”

Related article: Santos wins Barossa gas battle against Tiwi Islanders

Santos has not issued a formal statement on the merger talks at this time.

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