Woodside released a statement today stating that the company has ceased discussions regarding a potential merger with Santos Ltd.

Woodside CEO Meg O’Neill said that for every opportunity Woodside assesses, it conducts thorough due diligence, and will only pursue a transaction that is value accretive for its shareholders.

“We continue to be disciplined in our approach to mergers and acquisitions and capital management to create and deliver value for shareholders.

“While the discussions with Santos did not result in a transaction, Woodside considered that the global LNG sector provides significant potential for value creation.

In response to Woodside’s ASX announcement, Santos has also released a statement which reads: “Following an initial exchange of information, sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders.”

It was officially confirmed in December 2023 that both companies were in preliminary talks to form a $80 billion global oil and gas giant — which would have resulted in the largest national business deal in many years.