In this period, the company has advanced in the decarbonisation objectives laid out in its 2021–2025 Strategic Plan. The plan and related actions have enabled the company to benefit from the incipient recovery in demand, still below 2019 levels, and the improvements in raw material prices. As a result, Repsol was obtain positive cash flow in all business segments and a net debt reduction of 6%. Adjusted net income, specifically…
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…
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.
Repsol has licensed its technology for propylene oxide (PO) and styrene monomer (SM) and polyols so that a 200,000 tons/year PO and 450,000 tons/year SM plant can be built, and two plants with an aggregate production capacity of 125,000 tons/year of flexible polyether polyols (PPG) and polymeric polyols (POP). This agreement is in addition to the three previous technology licensing agreements reached by Repsol with Chinese companies since 2013.
Repsol announced the IPO of its renewables area or an alliance with a third party in its Strategic Plan 2021/2025 presented on November 26th. The operation could be carried out in less than two years and it will always maintain control of the shareholders. The company expects to raise at least 1.4 billion euros with the floating, which would mean valuing the division at around 3 billion euros. It would be one of the largest operations of the last decade.
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 has reached a good intentions agreement with the Canadian company New Stratus Energy for the sale of assets in Ecuador, so that the oil company will leave the South American country, where it has been present for almost twenty years. The deal amounts about $5 M (about € 4.2 M) to be paid in two installments, although there could be additional contingent payments linked to certain circumstances, such as an extension of the service contracts term, which would bring it up to $12 M (about € 10.1 M).
Repsol reached a production of 615,000 bpd, which represents a decrease of 13.5% compared to the same period last year and 3.8% compared to the previous quarter, mainly due to the US (Marcellus and Eagle Ford). The refining margin, an important indicator for the downstream business, averaged a negative $0.1 per barrel in 3Q20. This level reflects the impact of the worldwide uncertainty caused by the coronavirus crisis. This indicator in the previous quarter was $ 3 per barrel, while in 3Q19 it was $ 5.5.