Renta 4 | Repsol has 2.000 Mw of renewable projects under construction, of which approximately 59% are located in Spain, 35% in the US and 6% in Chile. The company wants to hike its renewable energy generation to 7.500 Mw to 2025. The Spanish oil and gas firm is developing a new photovoltaic energy plant in Villena, with an installed capacity of 300 Mw. Whatsmore, the company is continuing to…
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…
Link | Repsol today presented its results for the 2021 financial year, of which we highlight the following aspects: -Revenues reached EUR 52.13 billion, an improvement of 49.1% year-on-year, and slightly higher (+1.2%) than the FactSet consensus estimate. – EBITDA in CCS terms (at replacement cost) reached EUR 7.071 billion (+73.1% y-o-y; +6.8% consensus). -Adjusted net profit, which measures the performance of the businesses, reached EUR 2.454 billion in 2021,…
Repsol will stop producing oil in mid-June at ‘Casablanca’, the last oil platform in Spain located in the waters around the coast of Tarragona. The new Spanish Climate Change and Energy Transition Law contemplates that Spain will no longer grant new exploration authorisations, so this shutdown of Casablanca is a step towards this purpose. In 2018, the hydrocarbon field of La Lora in Burgos, the oldest oil field in Spain operating since 1964, was already forced to close.
Last week Repsol unveiled its strategic plan for the period 2021-25. The company will decarbonize its asset base and implement a new operating model with new pillars such as the Customer and Low-Carbon Generation Businesses. Furthermore, Repsol aims to substantially increase EBITDA, to more than €8.2 Bn in 2025. The strategic plan will have two differentiated periods. In the first two years, it will focus on ensuring financial strength. From 2022, the point will shift to the acceleration of growth.
Repsol´s new strategic plan up to 2020 envisages dedicating 2.5 billion euros to drive the growth in energy businesses with low carbon emissions and a dividend of 1 Euro by 2020. It will use the “scrip dividend” formula, combined with a programme of share buy back.
Repsol is making progress with the preparation of its new strategic plan which it will unveil on June 7. It aims to earmark 2.5-3 billion euros for acquisitions, compared with the 3.82 billion which it will obtain from the sale of its stake in Gas Natural to CVC.
Repsol is doing very well at the moment. And in fact, it has been selected as the best exploration and production company in 2017 by Platts Global Energy Awards. During H1’18 Repsol will present its new 5-year strategic plan. The most interesting part will be the so-called “third leg”, describing the firm’s vision of the future.