Santos Buys ConocoPhillips's Northern Australia Assets

   By Robb M. Stewart

MELBOURNE, Australia--Santos Ltd. (STO.AU) said Monday it will buy ConocoPhillips's (COP) stakes in assets in northern Australia for US$1.39 billion, plus a further US$75 million contingent on a final investment decision being taken on the Barossa natural-gas project.

The agreement covers operating interests in the Darwin liquefied natural gas operation, Bayu-Undan, Barossa and Poseidon projects and will be full funded from existing cash and new committed debt, Santos said.

The company said it expects the assets will lift its earnings per share by about 16% in 2020, and increases pro-forma production by about 25% while reducing its forecast 2020 free cash flow breakeven price to about US$4 a barrel.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

October 13, 2019 17:47 ET (21:47 GMT)

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