Santos has extended exclusivity with XRG Consortium for an $18.7bn acquisition, nearly completing due diligence. Consortium reaffirms commitment to negotiations, requesting a two-week extension. Santos agrees to extend until 22 August, with exclusivity restrictions remaining in place.

Santos operates in Australia, Papua New Guinea, Timor-Leste, and the US. The company’s structure includes regional business units and midstream energy solutions. Portfolio includes LNG plants and oil/gas production assets. Second quarter saw A$620m free cash flow, 22.2mboe production, and narrowed production cost guidance.

Santos remains on track to achieve A$150m annual cost savings. Fiduciary exception allows consideration of competing proposals. Production reached 22.2mboe in Q2, with sales volumes climbing 3%. Extension allows for finalization of scheme implementation agreement.

Read more at Yahoo Finance: Santos extends exclusivity for XRG Consortium takeover talks