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Orsted teams up with Repsol, Equinor with Naturgy, to develop offshore wind energy in Spain

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…


Repsol's bet on alternative energies

Repsol Posts Net Income Of €1.392 Billion In Q1 2022

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…


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Higher refining margins improve Repsol’s finances: more of a margin both for increased Capex and shareholder distribution

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….


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Repsol: trading statement for Q1’22 reflects declines in production of 13%, but rises of over 60% in oil prices

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…


Repsol

Repsol Records Profit Of €2.454 Billion; Proposes A Dividend Of €0.63 Per Share

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,…


Cepsa

Cepsa wants to sell its chemical arm for €3.5 B (8,1x Ebitda); a high valuation which applied to Repsol’s chemical division would value it at €10 B

Renta 4 | Cepsa is putting its Chemical division up for sale for 3.5 billion euros. The Spanish oil company, controlled by Mubadala and The Carlyle Group, has given the green light to the transaction. Citi and Linklaters are advising on the deal. Advent International y Apollo Global Management are amongst the leading candidates for acquiring the division, along with CVC, Platinum Equity, Lone Star and Rhône Capital. The Indian conglomerate…


Pampilla

Peru Asks Repsol For Guarantees “That There Cannot Be Another Spill”

16 days after one of the worst oil spills in Peru, the country’s environment minister, Rubén Ramírez, announced the suspension of all hydrocarbon loading and unloading activities until Repsol “can offer sufficient guarantees that another spill cannot occur”. The company responded by calling the decision “disproportionate and unreasonable”. Approximately 11,900 barrels of crude oil were spilled at Repsol’s Pampilla refinery while an oil tanker was unloading; this is believed to…


Repsol a top oil sector pick

Repsol buys shale oil and gas assets from US firm Rockdale Marcellus for $222M

Repsol has bought shale oil and gas assets from US firm Rockdale Marcellus for $222 (200 million euros). This company was born out of holdings which Shell had in the counties of Tioga, Lycoming and Bradford in Pennyslvania in 2017. Repsol already operates a shale field near there. The Spanish oil and gas giant participated in an auction to acquire Rockdale on December 16, following the latter’s adherence to Chapter…


Repsol's bet on alternative energies

Repsol’s Net Income Reaches €1.939 Billion Between January And September

Repsol posted net income of €1.939 billion between January and September 2021, higher than in the same period in 2019 (€1.466 billion), prior to the COVID-19 crisis. Adjusted net income, which specifically measures business performance, was flat (€ 1.582 billion) compared to 2019 (€1.637 billion). All business segments achieved positive results, especially Exploration & Production, particularly influenced by the upward trend in commodity prices. In the first nine months of…


Repsol

Repsol CEO Asks Brussels To Put More Emission Rights On The Market

According to Josu Jon Imaz, Repsol CEO, “it is not acceptable that there are industries which have to stop because they cannot assume the energy costs”. So he has asked the European institutions to immediately put more CO2 rights on the market which, in his opinion, would have an “immediate effect” on consumers’ electricity bills and on the competitiveness of industry. Imaz said that “European consumers are paying an oversized…