Repsol

Repsol

Repsol: Rebuilding confidence to take time

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.


Repsol's Josu Jon Imaz and Antoni Brufau

Spanish Repsol ratifies its Executive Management team

MADRID | April 27, 2015 | By Fernando G. Urbaneja | At his own pace, without giving up to noisy external pressures, Repsol Chairman Antonio Brufau established an executive management model with a clear separation between the chairman of the Board and the executive team –entrusted to a CEO with full authority. That had been a claim of significant shareholders of the Spanish oil firm and some investment funds, although for different reasons. 


oil prices

Shell begins M&A race with move for BG

MADRID | April 8, 2015 | By Sean DuffyThe takeover of BG by Royal Dutch Shell for £47 billion (€64.8 billion) could be the opening salvo in a race to hoover up energy firms, as oil giants look to take advantage of a liquidity glut by honing in on companies destabilised by the volatility on oil markets.


BP's Andrew platform in the North Sea

BP difficulties a sign of the times for oil companies?

MADRID | By Ana Lopez Varela | Cutbacks and balance sheet losses at the British oil giant are indicative of a more widespread malaise afflicting the oil industry. While there has been a correction in profit forecasts, firms are likely to adjust their business model accordingly.



Repsol

Spanish Repsol is sitting on €10bn

MADRID | By Carlos Díaz Güell | Spanish Repsol’s chairman Antonio Brufau noded the company’s key stakeholders -Caixabank, Pemex, Sacyr and Temasek- by recently approving an extraordinary dividend of €1 per share with a charge to present year results. The Argentinian bonds selling monetization and the sale of YPF provided the company with a juicy cashflow near €10 bn against €27.5 bn of its market capitalization.


No Picture

Market chatter: well-rested European stocks are back to work

MADRID | By Jaime Santisteban | European markets are happily back from Easter as Wall Street enjoys its highest gains in 6 months. Spanish Ibex 35 keeps last week’s positive mood. Risk premium drops to 155 basis points. Spanish Treasury will sell up to 3 billion euros in 3-month and 9-month bills today.


No Picture

Repsol is to attract more sovereign funds to Spain

MADRID | By Julia Pastor | Spanish oil company Repsol could sell two block of shares reaching 10% to sovereign funds. The presence of this kind of investors in Spain is not new, much less in strategy sectors such as energy, but the point is that corporate managing teams have allowed those to enter their capital and look under the rug. Furthermore, sovereign funds’ investments criteria such as will of permanence, long term view and sustainability are always good news for a firm. Singapore’s Temasek fund already holds 5% of Repsol, while Qatar’s has also participation in other national energy companies. Therefore, both would have more options to be those packages’ next owners.


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Market chatter: Repsol, Gas Natural and much more

MADRID | By Jaime Santisteban | Repsol could sell its 30% participation in Gas Natural before the summer. 20 % of it would go for sovereign wealth funds (yet unidentified) and 10 % through quick placement of shares. RENTA 4 believes the company will monetize the operation if other worthy investment opportunities are identified. SABADELL finds the move logical within negotiations with La Caixa (which controlls 1/3 of Repsol’s capital). ACF highlights that Gas Natural shares are turning out very profitable in dividend for Repsol (4.5%), making this sale not that attractive for that firm.


There are no tycoons in Spain, but “pilferers”

MADRID | By Luis Arroyo | During the so-called Transition period in Spain, a new entrepreneurial force should have arisen, but there was a destruction of the nationalized companies. Thus, the country doesn’t have strong big firms. Something is wrong with the Spanish fiscal system.