Bank of Montreal informed the CNMV on Monday that it holds a total of 3.467% of the voting rights of Repsol (REP). However, it does not specify whether this is in its own name or in the name of third parties, nor the average acquisition price. This stake would make it the fifth largest shareholder after Sacyr, with 8.2%, JP Morgan with 6.8%, BlackRock with 5% and Amundi with 4.5%….
Repsol inaugurated its first photovoltaic complex in Manzanares (Ciudad Real) yesterday, called Kappa. The facility has involved an investment of 100 million euros and has total installed capacity of 126.6 megawatts (MW) distributed over three plants: the already operationalPerseo Fotón I and Perseo Fotón II, totalling 90.5 MW; and Perseo Fotón III, currently under construction, which will add the remaining 36.1 MW. It consists of 285,331 solar modules and will…
Repsol (REP) has just submitted, via Hecatte Energy, an application to the New York State Office of Renewable Energy Siting to build a 500 MW solar plant in the towns of Elba and Oakfield. The plant will involve an investment of over $500 million and is expected to create more than 500 jobs during construction. It is capable of supplying 920,000 MWh of renewable electricity annually. This will be enough…
The increase in WTI to $15.1/barrel and Brent to $22.22/barrel has boosted Repsol’s shares, which were trading today 2.06% higher. Despite this small respite, the Spanish oil firm has not been able to escape the latest moves of the Saudi Arabian sovereign wealth fund and is amongst the big European oil companies included in a list of stock market forays on the part of the Public Investment Fund (PIF) over the last few weeks, reported Financial Times.
In a scenario of oil prices (Brent) at $35 and Gas (Henry Hub) at $1.8, Repsol has drawn up a contingency plan to deal with the impact of COVID-19. This includes cancelling the extra share buyback for 5% of capital due to be executed in May, which, totalled 1Bn euros, but maintaining its dividend at €1 per share. The company also flags that it has sufficient liquidity to deal with this situation at least until 2024.
Brent crude oil is trading at $36 a barrel, down 20%, after OPEC and Russia broke off negotiations on Friday to try and cut the supply by 1.5 million barrels a day. At these levels, it completely breaks through the level indicated by the sector as break even, namely 45-55 dollars. Banco Sabadell analyses the sensitivity of the stocks they cover to variations in crude prices: Repsol, Total and ENI.
Repsol will make a provision of 837 million euros, representing 4% of its market cap, in its 2019 results after the first partial award (of a total of five) issued by the Arbitration Court in 2020. This has been found in favour of Addax and Sinopec in their litigation against Talisman Energy (currently “ROGCI”) and Talisman Colombia Holdco Limited.
Morgan Stanley | Global refinery margins have fallen sharply this year and we think we are going to see a rebound in 2020 for a host of reasons: the price of HSFO has fallen to a level where it already competes in power generation, which limits its fall from these levels.
Repsol expects to adjust the accounting value of some assets, with a post-tax accounting charge of approximately 4.8 billion euros in order to achieve net zero emissions by 2050. This adjustment will reduce specific reported income for 2019 but does not alter the company’s cash flow for the year nor the announced proposal to increase shareholder remuneration.
Bankinter | Repsol has published weak results for 3Q19. Principal figures compared with the consensus (Bloomberg): Ebitda 1.597 Bn€ (-21%); adjusted NAP 522 M€ (-11%) vs 529 M€ estimated (Bloomberg); Net Profit 333 M€ (-47%).