Santos Extends Exclusivity to Sept 19 for $18.7 Billion ADNOC-Led Takeover Amid 22.3% Profit Drop and Earnings Beat

Australia's Santos Ltd reported a 22.3% decline in its half-year profit for the six months through June, primarily due to falling LNG and oil prices. Despite the profit drop, Santos has extended the exclusivity period for its proposed $18.7 billion takeover by a consortium led by Abu Dhabi's state-owned ADNOC group. The due diligence period has been pushed to September 19, following Santos' announcement that the previous August 22 deadline would not be met. Santos shares rose after the company’s first-half earnings beat estimates. In related energy sector developments, Russia's Energy Ministry and oil companies are planning to introduce additional reserve capacities to support refining expansion. Petrobras has initiated an emergency drill in the Foz do Amazonas basin and requires Novonor to exit Braskem before injecting further capital. Additionally, BP's refinery in Whiting, Indiana, has restarted one of its two main oil-processing units and is expected to be fully operational within 24 to 48 hours, although fuel price relief for drivers may not be immediate ahead of the long weekend.