Santos CEO Kevin Gallagher plans to stay and expects rising cash flow to boost shares after a failed $18.7 billion takeover bid by Abu Dhabi National Oil Company. Two new projects in Australia and Alaska are set to increase cash flow, with free cash flow estimated to soar to $2.45 billion by 2027.

Despite recent challenges, Gallagher remains optimistic about Santos’ future, emphasizing the potential of their assets and the upcoming production from the Barossa gas project and Pikka oil project. The company is not actively seeking a buyer but is open to evaluating takeover approaches or asset sales.

Key shareholders are supporting Gallagher, who is willing to stay as CEO as long as shareholders and the board approve. Santos shares closed higher after falling due to the collapsed takeover bid, with XRG citing upcoming capital gains tax payments on Santos’ assets in Papua New Guinea as a reason for withdrawing their offer.

Read more at Yahoo Finance: Australia’s Santos CEO bets on cash flow boost as third suitor walks away