BOD approves

[Ass0ciatedPress]

Both BOD unanimously approve

Vote in Sept

XOM paying the termination fee to Oil Search

[Putncalls]

I hope A7 gets drilled ASAP!

[CAC]

Both BOD unanimously approve

Vote in Sept

XOM paying the termination fee to Oil Search

********

I am curious as to why OSH/TOT wouldn't match.  If they think there's less than 7T's, then the extra $1 per share for the XOM CRV is negligible...and the increase in OSH pps since their original bid makes those shares worth about $45 already.

[Putncalls]

XOM has control. That's all that's needed for synergy.

[SupaSage2003]

Both BOD unanimously approve

Vote in Sept

XOM paying the termination fee to Oil Search

********

I am curious as to why OSH/TOT wouldn't match.  If they think there's less than 7T's, then the extra $1 per share for the XOM CRV is negligible...and the increase in OSH pps since their original bid makes those shares worth about $45 already.

I think the only reason why the OSH share payment is worth about $45 today is because the shares were pricing in that OSH would lose the bid, but gain the benefits of the aligning of the two LNG projects.  If Exxon had withdrawn, I bet OSH shares would've traded down such that their value in the offer would have been $43 or so.

[CAC]

[quote='CAC' pid='74571' dateline='1469118269']

Both BOD unanimously approve

Vote in Sept

XOM paying the termination fee to Oil Search

********

I am curious as to why OSH/TOT wouldn't match.  If they think there's less than 7T's, then the extra $1 per share for the XOM CRV is negligible...and the increase in OSH pps since their original bid makes those shares worth about $45 already.

I think the only reason why the OSH share payment is worth about $45 today is because the shares were pricing in that OSH would lose the bid, but gain the benefits of the aligning of the two LNG projects.  If Exxon had withdrawn, I bet OSH shares would've traded dow

n such that their value in the offer would have been $43 or so.

*****

That might be true. But that would be a risk IOC would have to consider. I'm not sure why OSH wouldn't give it a shot.

[ArtM72]

Both BOD unanimously approve

Vote in Sept

XOM paying the termination fee to Oil Search

********

I am curious as to why OSH/TOT wouldn't match.  If they think there's less than 7T's, then the extra $1 per share for the XOM CRV is negligible...and the increase in OSH pps since their original bid makes those shares worth about $45 already.

One explanation is that OSH simply didn't have the money to commit and TOT would only go so far to support its partner, a partner whose interests might align too closely with XOM.  How does loss of E/A control jive with this statement from their website?

"Total, a world leader in LNG

Total is a global gas player, well positioned along the entire LNG value chain, with a strong track record in upstream project execution, a significant trading capability and an industry-leading reputation as a reliable LNG supplier. In 2015 the Group’s LNG production was of 10.2 million tons. Total’s objective is to double its liquefaction capacity to around 20 Mt/y and increase its LNG trading portfolio to 15 Mt/y by 2020."

10.2 mtpa doesn't seem like much of a position to start from if you think NG will be a major fuel of the future given its environmental superiority over coal and oil.