Renta 4 | . Repsol and Australian oil and gas company Santos will invest 2.555 billion euros in the Pikka project in North Slope Alaska. This field is biggest discovery of oil in the US in thirty years. The Spanish firm’s board has given the green light to the investment, which could increase to 2.952 billion with additional developments on the project. Repsol will have 49% and Santos 51% of Pikka. Each…
Renta 4 | On Thursday after the market’s close, Repsol published operating figures for Q2’22, during which the price of Brent (113,9 USD/b) rose 65.1% year-on-year and 11.4% quarter-on-quarter. Meanwhile the price of gas (7,2 USD/Mbtu) was up 157.1% year-on-year and 44% quarter-on-quarter. We recall that in its guidelines for 2022, the Spanish oil and gas group considers levels of 70 USD/b and 3,7 USD/Mtbu, and that the sensitivity to…
Renta 4 | Germany and Canada are negotiating an investment of 2 billion euros in the Saint John LNG regasification plant, owned by Repsol. The aim is to be able to export gas to Europe to reduce dependence on Russia, according to press reports. The Canadian Environment Minister has indicated that Repsol’s plant would be the one which could most quickly make the deployment, as it already has the infrastructure…
Renta 4 | Repsol would be interested in buying Italian renewables company PLT Energía. Repsol and the French fund Ardian are bidding for a majority stake in the Italian firm valued at 1 billion euros, according to press reports. In the event the possible purchase happens at some point in the future, it would mean Repsol disembarking in the Italian energy market. Swedish fund EQT would also be interested in…
Repsol’s Board of Directors today approved the sale of a 25% stake in Repsol Renewables (Repsol Renovables currently has more than 1.6 GW of installed renewable capacity and is present in Spain, the United States, Chile, and Portugal) to the consortium formed by the French insurance company Crédit Agricole Assurances and Switzerland-based Energy Infrastructure Partner (EIP) for €905 million. The transaction values Repsol’s renewable business at €4.383 billion, including debt…
The construction company Sacyr – which hopes to return to the selective Ibex 35 on the 9th – has sold its stake in Repsol 16 years after its entry. At that time, the Sacyr Group invested over 6 billion euros in 20% of the capital, at an average price of 26.71 euros. According to the company, the sale operation has been possible thanks to the increase in the price of…
Link Securities |European players Shell, Orsted and Equinor have turned their attention to Spain as a strategic objective for the development of their offshore wind energy. Each one of the companies has teamed up with a Spanish firm to participate in the mega auctions which are going to be held. Orsted has joined up with Repsol and Equinor has chosen Naturgy. Meanwhile Shell has just signed a strategic agreement with…
Adjusted net income, which measures the performance of the businesses, was €1.056 billion, 69% of which came from the Exploration and Production division that carries out all its activities outside Spain. The invasion of Ukraine, which is affecting the international environment in 2022, has led to a significant increase in the prices of raw materials, with a clear impact on fuel prices. The Exploration and Production business was supported by…
Morgan Stanley | We are hoping for another strong quarter amongst the European oil companies. Quarter-on-quarter profit growth of 9% and another record quarter in terms of FCF generation (9%QoQ and 46% YonY). We are estimating organic FCF amongst the big players of $30 billion in the quarter, sufficient to cover dividends for the whole year. This provides support for higher returns to shareholders, particularly in the form of buybacks….
Intermoney | After the close of the market on Wednesday, Repsol (REP) published the operating and economic figures from its trading statement for Q1’22. This is ahead of its results due on 28 April. We would highlight: In Upstream: Production in Q1’22 of some 558.000bep/day, which means a 12.6% decline vs Q1’21 and a decrease of 0.6% vs Q4’21. With respect to oil prices, there is a secuential rise in…