Santos Ltd. and Woodside Energy Group Ltd. have decided not to pursue merger talks that could have created an Australian LNG super giant reportedly worth $52 billion.

Both firms disclosed Wednesday that months-long talks had ended without a mutually beneficial deal. Combined, the companies control more than 40 million metric tons/year (mmty) of liquefied natural gas export capacity in the Pacific and substantial global oil and gas production assets.

Woodside CEO Meg O’Neill said the firm was searching for “value accretive deals” for shareholders, including in the global LNG space.

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“We continue to be disciplined in our approach to...