The difference between top managers’ salaries in Ibex-35 companies and the lowest salaries in these same firms is on average 207 times, which shows the salary gap in Spain is increasing.
Sonia Ruiz de Garibay (GVCGaesco) | Although a simultaneous investment recommendation for oil and airline stocks might seem a contradiction in terms, the fact they are both heavily influenced by oil prices gives them a very important element in common. Oil is an earning driver for the oil industry, while for the airlines sector it is an important costs’ element, accounting for over 20% of the total. Repsol and IAG are currently good bets.
The Greek government has given authorisation to local firm Energean Oil and Gas and Spain’s Repsol to explore and operate hydrocarbon deposits in the region of Aitoloacarnania, in western Greece.
Repsol and La Caixa, via Criteria, have closed the sale of 20% of Gas Natural Fenosa to the US fund Global Infraestructure Partners (GIP) for €3.803 billion. GIP will now become one of the core shareholders of the energy multinational.
Repsol has doubled its recurrent synergies from 220 million dollars annually to 400, thanks to its purchase of Canadian oil firm Talisman. But the transaction has also resulted in a 5.5 billion dollars arbitration notice being served against it by the Chinese company Sinopec.
Inversis | Spanish oil giant Repsol SA will sell its 42,000 supply points of LPG (Liquefied petroleum gas) at 63 million euros. It plans to divest €6.2 billion in nonstrategic assets and cut spending by 38% “without altering its company profile” as part of its 2016-20 strategic plan.
Carlos Díaz Güell | Without doubt he has been thinking about it for many years, but the chairman of Repsol has waited patiently to show himself in the best light and make friends a few days ahead of today’s OPEC meeting taking place in Vienna, against a backdrop of highly volatile oil prices.
The drop in oil prices and the belief – rarely justified by experience – that things will never be what they were, have begun to set off alarm bells in some of the major sporting activities. These have provided an amazing bounty of triumphs thanks to Repsol’s generous patronage.
UBS | Several oil companies shared their views on refining margins over the 3Q reporting season and CMDs over the past month and we find these often contrast with investors’ views as companies were generally reasonably positive about the outlook for margins for the next few months. Several companies (BP, Neste) highlighted that the global refining supply/demand outlook is fairly balanced for 2016.
BARCLAYS | Repsol’s 2016-2020 strategy presentation set out the resilience of its integrated business model with a shift to a focus on value from the previous growth focused strategy. The company expects to be free cashflow breakeven after dividends at $50/bl Brent over the 2016-2020 period with the breakeven likely to be $60/bl in 2016/17 before falling to $45/bl in 2018- 2020.