Woodside Energy’s chief executive, Meg O’Neill, has firmly stated that the company has no interest in revisiting a potential merger with Santos. This announcement comes as Santos is currently engaged in takeover discussions with a consortium led by Abu Dhabi National Oil Company (ADNOC). Woodside and Santos previously held preliminary merger talks in late 2023, but these discussions were terminated without reaching an agreement.
During a post-earnings conference call, O’Neill addressed questions regarding whether the ADNOC-led bid for Santos had reignited Woodside’s interest in a merger. She unequivocally dismissed the possibility, emphasising that Woodside has since “moved on” and is pursuing alternative strategic opportunities. When asked directly if she saw any benefits from re-engaging with Santos, O’Neill stated, “Short answer … is absolutely not.”
O’Neill highlighted Woodside’s recent acquisition of Tellurian and its investment in Louisiana LNG as key factors in its decision. She argued that the company’s expanded presence in the Atlantic Basin, combined with its existing position in the Pacific Basin, offers a more compelling portfolio than a merger of two businesses focused solely on the Pacific region.
Woodside Energy is an Australian petroleum exploration and production company. Santos is also an Australian energy company. “We wish them well, but we’re focused on delivering our commitments,” O’Neill concluded, signalling Woodside’s commitment to its current strategic direction.
