SSLZY - Dispute between ConocoPhillips Santos holding up Alaska oil project - Reuters

Santos (OTCPK:STOSF) is locked in a dispute with ConocoPhillips (NYSE:COP) over road access in Alaska, potentially holding up the $3B Pikka oil project on the North Slope, Reuters reports, citing letters from both companies to the state government. The dispute also could delay Santos' planned sale of its majority stake in the project, which could thwart the Australian company's target of raising $2B-$3B from asset sales in 2022; ConocoPhillips, the largest oil producer in Alaska, is considered a potential buyer of the stake. Santos is the operator of the Pikka project, the biggest new oil prospect on Alaskan state land in decades, but it is next to ConocoPhillips' Kuparuk River Unit oil fields, and Santos needs access to Kuparuk's roads for its operations. Seeking Alpha contributor The Value Pendulum sees ConocoPhillips as a Hold despite its attractiveness as a long-term investment, saying positives have been priced in.

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Dispute between ConocoPhillips, Santos holding up Alaska oil project - Reuters