- Repsol (OTCQX:REPYF, OTCQX:REPYY) plans to sell more than €6B of assets and slash billions in capital spending over the coming five years, as it scrambles to pay down debt and protect investors' dividends.
- In a strategic plan unveiled today, the country's biggest oil producer promised to cover its costs and deliver returns at a "break-even" price for crude of just $50/bbl, around where market prices are now following the plunge in oil prices.
- Repsol also confirmed that it would cut its global workforce by 6% over the next three years.
- Previously: Repsol sees lower FY 2015 net profit (Oct. 14 2015)