“If I had to guess it would be a sell down of PNG and/or...

“If I had to guess it would be a sell down of PNG and/or rearrangement of ownership interests of PNGLNG and Papua LNG”

Yes, pointing towards the PNG LNG asset for me, and I’m thinking they already have a Japanese buyer to introduce! Exxon would be OK with that for PNG LNG but TOTAL, as Operator at Papua LNG, wants into the PNG LNG asset also…

Unlike the all-cash Japanese partner, TOTAL has a little bit of Papua LNG equity on offer, which STO is thinking may achieve a better outcome overall? TOTAL can offer only 2.8% tops at Papua LNG so that TOTAL is at a equal equity level with Exxon. I doubt Exxon is willing to budge anything to anyone in this equation…(lol!)

Anyways, STO doesn’t need to ‘sell the farm’ here. OK, Alaska yes, but not PNG LNG or Dorado. STOs current cash generation is at historical records and net debt ratio levels are rapidly improving. There’s no need sell out everything, right?

Well, the other school of thought is that the cycle will eventually turn and one should ’get while the gettin’s good’!

Decision, decisions…