Repsol

Markets 20th April 2012

Argentina meets reality after ‘vendetta’ against Repsol

BNP Paribas’ brokerage house Cortal Consors warned about market distrust and the contagion effect over the region after the Argentine government made the announcement this week of the nationalisation of Repsol’s subsidiary YPF. In Friday’s strategy note to investors, Cortal Consors analysts said market participants fear other countries in the Latin-America area could follow the aggressive policies of Argentina’s president Cristina Kirchner, who is since her re-election trying to stop capital outflows…

Markets 18th April 2012

Affaire Repsol: Wall Street criticises Argentina’s move

NEW YORK | Amid a fresh gust of optimism as Spain raised more money than anticipated in a pair of short-term bond auctions and after a solid round of U.S. corporate earnings reports, stock markets rallied on Tuesday. However, shares of Spanish oil group Repsol tumbled more than 6% in the wake of the Argentine government’s move to nationalize Repsol’s part of YPF without saying anything about compensation. Repsol’s share…

Markets 17th April 2012

The best thing that could happen to Repsol

By Alberto Valverde (http://www.capitalmadrid.com) in Madrid | In 1999, Alfonso Cortina, Repsol’s president sworn in by the grace of the then president José María Aznar, accorded the acquisition as a majority shareholder of Yacimientos Petrolíferos Fiscales (YPF) at a price that president of Argentina Carlos Menem took no time in accepting. The late Nestor Kirchner, married to Cristina Fernández de Kirchner, who is now Argentina’s president since succeeding her husband in…

World economy 17th April 2012

Kirchner’s checkmate to Repsol threatens foreign investment in Argentina

By Tania Suárez, in Madrid | President Cristina Kirchner may have got her way as she finally decided to expropriate Repsol’s YPF unit. The Argentine government confirmed the nationalisation of a 51% stake in YPF, because by decree it considered the oil firm’s activities of ‘public interest’. Tuesday morning, the president of Repsol Antonio Brufau declared that this decision is “illegitimate and unjustifiable, an act preceded by a campaign of harassment, of…

Companies 22nd March 2012

Madrid’s financial City approves YPF dividend payment strategy

MADRID | YPF, the subsidiary in Argentina of Spanish oil company Repsol, will carry out last year’s dividend payment in shares in response to pressure from Cristina Fernández de Kirchner’s government. The republic’s authorities have vehemently expressed their desire for the corporation to increase investment activity in the country instead of distributing the cash to stockholders. The board approved this week the transfer of 1.057 billion pesos from reserve for…

World economy 21st February 2012

New offshore discovery in Sierra Leone upgrades Repsol’s resources in Africa

A partnership joined by Repsol announced Tuesday it had made a new hydrocarbons discovery offshore Sierra Leone. The Jupiter-1 well was drilled in an area that already has produced successful results in 2009 and 2010, confirming the significant potential of this region in Africa. Repsol owns a 25% stake in the consortium, while the operator Anadarko has a 55% participation and Tullow Oil 20%. They drilled the Jupiter-1 well in block…

Companies 26th January 2012

Repsol and Pemex make peace

By Tania Suárez, in Madrid | After the storm, the sun shines. After several months of conflict and based on the relevant fact sent by Repsol to the CNMV, the Spanish financial supervisor, the Spanish oil company and Pemex have reached a “strategic agreement of mutual cooperation.” Below, we reproduce the statement: “Repsol YPS, Inc. (Repsol) and Petróleos Mexicanos (Pemex) have signed a letter of intent under which they undertake…

Companies 16th January 2012

Repsol sells its French LPG business to Totalgaz

Repsol YPF has reached an agreement with Totalgaz, a subsidiary of Total for the sale of its liquefied petroleum gas business (LPG) in France, reported sources close to the transaction to Europa Press. The oil company, chaired by Antonio Brufau, has carried out this sale as part of its strategy of divesting from ‘downstream’ non-integrated assets with which it has already generated more than $1.2 billion (€945 million) in five…

Spanish economy 5th December 2011

Repsol ready to test wholesale markets

MADRID | The Spanish press today echoes Repsol’s move, which has started sounding out investors to carry out a debt issuance after the relief brought by the drop to below the 350 b.p. in the Spanish risk premium. “BBVA was the last Spanish firm that issued debt on the wholesale market. On October 28, the second major Spanish bank placed €750 million in senior debt at 18 months at a price…

Companies 8th November 2011

Repsol YPF makes largest oil discovery in its history

MADRID | Repsol has found in Argentina new reserves equivalent to YPF’s. The site is located in Argentina’s Neuquén province in the region known as Vaca Muerta, with a total area of 30,000 square kms, of which Repsol YPF has 12,000 square kms. The company has confirmed the existence of large volumes of unconventional oil in the area of Loma La Lata. These resources would transform the energy potential of…

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