Woodside Energy Group Ltd (ASX:WDS, LSE:WDS, OTC:WOPEF) concluded its merger discussions with fellow Australian oil and gas firm Santos Ltd (ASX:STO) after failing to reach a deal, a company statement said on Wednesday.
Meg O’Neil, boss at the largest independent Australian oil and gas company, said it has a disciplined approach to mergers, and acquisitions, with the key focus always on extracting shareholder value.
“While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation,” O’Neil said.
She added how Woodside has a “world-class global portfolio, growth pipeline and an attractive balance sheet” reinforcing the group’s strength as an investment opportunity for people across the world.
In December, it was revealed the two were planning on merging to create a US$52 billion oil and gas giant, with annual LNG sales of around 60 million metric tonnes.
Shares in London-listed Woodside dropped around 0.7% on Wednesday, while Australian-listed Santos fell by around 6%.