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Santos Second-Quarter Output Rises as Takeover Campaign Continues

Santos Second-Quarter Output Rises as Takeover Campaign Continues

SYDNEY—Santos STO -0.13%decrease; red down pointing triangle reported an 1% rise in quarterly oil and natural gas production as it waits on a consortium led by Abu Dhabi's national oil company to firm up a US$18.72 billion takeover bid.
Santos said it produced 22.2 million barrels of oil equivalent in the three months through June, up from 21.9 million BOE in the first quarter. Sales volumes rose by 3% over the same period to 23.9 million barrels of oil equivalent. Revenue was 1% lower at US$1.29 billion, reflecting lower liquids pricing.
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Chevron Closes $53B Purchase of Hess After Arbiter Ends Exxon Effort to Block It
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Chevron Closes $53B Purchase of Hess After Arbiter Ends Exxon Effort to Block It

Key Takeaways Chevron completed its $53 billion purchase of Hess after winning an arbitration case brought by rival Exxon Mobil and the China National Offshore Oil Corporation. The International Chamber of Commerce dismissed the challenge related to Chevron acquiring Hess's production sites in Guyana. Exxon Mobil said it disagreed with the (CVX) can complete its $53 billion purchase of Hess (HES) after an international arbitrator ruled in favor of Chevron in a dispute with Exxon Mobil (XOM) related to Chevron's planned acquisition. Following the decision, Chevron said it had closed the deal. Exxon Mobil and partner China National Offshore Oil Corporation (CNOOC) had raised the challenge with the Paris-based International Chamber of Commerce (ICC) over the acquisition, which gives Chevron access to Hess's oil-rich fields in Guyana. Exxon Mobil and CNOOC argued they had the right of first refusal for the Hess deal because of their production interests in that country. However, the ICC sided with Chevron, leading the company to announce that it had met "all necessary closing conditions, including a favorable arbitration outcome regarding Hess' offshore Guyana asset,' to complete the Hess purchase. Chevron's deal for Hess had been in limbo since it was struck in October 2023. Chevron explained that the Hess acquisition 'adds world class assets, including Guyana and U.S. Bakken, to Chevron's diversified global portfolio' that now boasts 'a 30% position in the Guyana Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered recoverable resource.' Exxon Mobil responded to the ICC ruling by saying it disagreed, noting that 'we believed we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard work at a time when no one knew just how successful this venture would become.' The company added that it welcomes Chevron to the venture and looks forward 'to continued industry-leading performance and value creation in Guyana for all parties involved.' Hess did not respond to Investopedia's request for comment in time for publication. The companies' stock were all relatively unchanged after the news. Shares of all three energy giants are higher year-to-date. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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