Santos Completes Purchase of ConocoPhillips Assets for Reduced $1.265 Billion Upfront Price
May 27 2020 - 10:47PM
Dow Jones News
By David Winning
SYDNEY--Santos Ltd. said it has completed the purchase of
ConocoPhillips's assets in northern Australia for a reduced upfront
purchase price of US$1.265 billion.
Santos has acquired the U.S. company's operations in northern
Australia and East Timor, including a controlling stake in the
Darwin liquefied-natural-gas export project. It had originally
agreed to pay US$1.39 billion upfront for the assets.
Santos said Thursday the restructured deal involves a contingent
payment US$200 million that will be due when the company makes a
final investment decision on its Barossa natural-gas project, up
from US$75 million when the transaction was originally agreed.
"At completion, the net settlement amount was US$655 million,
lower than the previously forecast amount of US$800 million,"
Santos said in a regulatory filing.
The purchase price at completion was fully funded from cash and
US$750 million of new two-year acquisition debt, Santos said.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
May 27, 2020 22:32 ET (02:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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