OISHF - Baker Hughes selling equipment for carbon capture to Australia's Santos

Baker Hughes (NASDAQ:BKR) in the news today with an equipment sale to Australian LNG and domestic oil & gas producer Santos (OTCPK:STOSF). The project will store 1.7mtpa of CO2 in depleted, onshore natural gas reservoirs, about 1/2 of 1% of Australia's annual CO2 emissions. The equipment is for the Moomba CCS project, and Baker will be providing gas turbine, compressor and heat recovery technology. The project in its entirety is expected cost ~$165m and break even at $24 per ton, a breakeven that would be well in the money if located within Europe's cap-and-trade system. Having wildly under-performed global peers YTD, with Santos equity up ~2% versus the (NYSEARCA:XOP) up ~68%, after acquiring Oil Search (OTCPK:OISHF), and all the while enjoying the best gas market in history, Santos Management adding another variable to the mix for 2022.

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Baker Hughes selling equipment for carbon capture to Australia's Santos