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  • Mon, Dec. 5, 10:47 AM
    • BP (BP +0.4%) says it has acquired Repsol's (OTCQX:REPYF, OTCQX:REPYY) 3.06% stake in the Tangguh liquefied natural gas project in Indonesia for $313M.
    • The purchase lifts operator BP's stake in the Tangguh plant, which processes 7.6M metric tons/year of lNG, to a little more than 40%.
    • In June BP gave the go-ahead for the $8B expansion of Tangguh's third LNG train.
    | Mon, Dec. 5, 10:47 AM | 1 Comment
  • Wed, Nov. 9, 6:58 AM
    • European press reaction to Trump's election is broadly positive when it comes to prospects for the oil and gas industry, reports.
    • London's Evening Standard newspaper says oil companies will be riding high and suggests that BP could potentially strengthen ties in the U.S.
    • Spanish news service says Trump's win could benefit Spain's Repsol (OTCQX:REPYF, OTCQX:REPYY) since it means increased support for traditional energy companies.
    • But French business website says Trump may seeks to favor U.S. operators at the expense of foreign groups such as Total (NYSE:TOT) and Technip (OTCQX:TNHPF).
    • Also, German business weekly WirtschaftsWoche notes Trump likely will pursue a turnaround in U.S. energy and climate policy.
    | Wed, Nov. 9, 6:58 AM | 6 Comments
  • Fri, Nov. 4, 10:21 AM
    • Ten of the world’s biggest oil companies - including Saudi Aramco, Royal Dutch Shell (RDS.A, RDS.B), BP, Total (NYSE:TOT), Eni (NYSE:E), Statoil (NYSE:STO) and Repsol (OTCQX:REPYF, OTCQX:REPYY) - announce plans to invest a combined $1B over the next 10 years to develop low-carbon technologies.
    • The group's Oil and Gas Climate Initiative, which is seeking ways the industry can support a global deal to fight climate change while continuing to produce their hydrocarbon reserves, says its investments initially will focus on carbon capture and storage technology and efforts to reduce methane emissions from the oil and gas industry.
    • Environmental groups say the commitment is far from enough and represents a tiny fraction of the $90B-plus the companies expect to spend this year alone on finding and producing fossil fuels.
    • The investment comes as last year’s Paris climate accord enters into force, and three days before delegates from nearly 200 countries meet in Morocco for the latest round of talks to flesh out the deal.
    | Fri, Nov. 4, 10:21 AM | 36 Comments
  • Thu, Nov. 3, 9:23 AM
    | Thu, Nov. 3, 9:23 AM
  • Wed, Nov. 2, 7:57 AM
    • A.P. Moeller-Maersk (OTCPK:AMKAF, OTCPK:AMKBF) fell as much as 8% after reporting a 43% Y/Y decline in Q3 net profit amid sustained weak freight rates and persistently low oil prices.
    • Q3 net profit fell to $429M from $755M in the year-ago quarter, below analyst consensus of $496M, on 9% lower revenues of $9.18B, compared with expectations of $9.39B.
    • Maersk Line, the world's biggest container operator in terms of capacity, reported a 14% Y/Y drop in Q3 expenses but that was outpaced by a 16% decline in freight rates; the line reported a net operating loss after tax of $116M, vs. a profit of $264M a year earlier.
    • Maersk Oil says it plans to sell its interest in the Repsol-operated (OTCQX:REPYF, OTCQX:REPYY) Buckskin deepwater oil and gas field in the Gulf of Mexico.
    • For the full year, Maersk still expects to report an underlying result significantly below last year's $3.1B and now forecasts a result below $1B, citing weakness in the global economy, container freight rates and oil prices.
    | Wed, Nov. 2, 7:57 AM
  • Wed, Nov. 2, 5:32 AM
    • Facing mounting pressure, CEOs of BP, Eni (NYSE:E), Repsol (OTCQX:REPYY), Saudi Aramco, Shell (RDS.A, RDS.B), Statoil (NYSE:STO) and Total (NYSE:TOT) - will announce details of a joint investment fund to develop technologies aimed at cutting emissions and promoting renewable energy.
    • Friday's event will coincide with the formal entry into force of the 2015 Paris Agreement to phase out man-made greenhouse gases in the second half of the century.
    | Wed, Nov. 2, 5:32 AM | 27 Comments
  • Wed, Oct. 26, 10:55 AM
    • Bolivia's government and a consortium led by Spain's Repsol (OTCQX:REPYF, OTCQX:REPYY) will sign a deal to develop two natural gas fields with an investment that could exceed $1B, the country's energy minister says.
    • The two fields, Boicobo and Boyuibe in the southern Caipipendi block, are believed to contain ~5T cf of natural gas; Bolivia currently has ~11T cf of gas reserves.
    • Operator Repsol holds a 37.5% in the consortium, Royal Dutch Shell (RDS.A, RDS.B) also owns 37.5%, and Pan American Energy's PAE Bolivia owns the remaining 25%.
    | Wed, Oct. 26, 10:55 AM | 1 Comment
  • Fri, Oct. 7, 5:17 PM
    • Spain's Repsol (OTCQX:REPYF, OTCQX:REPYY) says it is providing a credit line of up to $1.2B to boost production at a joint venture it runs with Venezuelan state oil company PDVSA.
    • The funds will be used for the Petroquiriquire joint venture, where PDVSA has a 60% stake and Repsol 40% in three oil fields that PDVSA says produce ~30K bbl/day.
    • Cash-strapped PDVSA is seeking investment from foreign companies as it attempts to stop declining output at the fields.
    | Fri, Oct. 7, 5:17 PM | 1 Comment
  • Mon, Sep. 12, 4:57 PM
    • Spain's Repsol (OTCQX:REPYF, OTCQX:REPYY) and Criteria Caixa agree to sell a combined 20% stake in Gas Natural to Global Insfrastructure Partners for €3.8B ($4.3B).
    • Criteria, the industrial holding company that owns Spanish lender Caixabank, and the oil group Repsol will sell 10% each while retaining respective stakes of 24% and 20%.
    • REpsol says it stands to make a €246M capital gain from the deal.
    | Mon, Sep. 12, 4:57 PM
  • Wed, Sep. 7, 10:42 AM
    • Chevron (CVX -0.1%) is the best strategically positioned integrated oil company following the collapse in oil prices in 2014, Jefferies analysts say, also ranking Royal Dutch Shell (RDS.A, RDS.B) among its preferred names.
    • The firm likes CVX because of to its "leading upstream production growth, resilient downstream and strong balance sheet."
    • Conversely, Repsol (OTCQX:REPYF, OTCQX:REPYY) faces the most challenges because of "a lack of production growth, low upstream margins, low free cash generation and low cash returns to shareholders."
    | Wed, Sep. 7, 10:42 AM | 2 Comments
  • Fri, Jun. 17, 10:53 AM
    • Repsol (OTCQX:REPYF, OTCQX:REPYY) says Sinopec (NYSE:SNP) has served an arbitration claim demanding ~$5.5B in compensation for the repayment of an investment in a 2012 joint venture.
    • SNP and its subsidiary Addax Petroleum UK are seeking compensation for their initial investment and lost investment opportunities related to a North Sea oil and gas joint venture with Talisman Energy, which Repsol bought in 2014.
    • "The arbitration notice is unfounded and does not reflect the loyal attitude one would expect from a partner," Repsol says.
    | Fri, Jun. 17, 10:53 AM
  • Thu, Jun. 9, 10:39 AM
    • Repsol (OTCQX:REPYF, OTCQX:REPYY) says it has abandoned 55 of its 93 oil and gas leases in the Chukchi Sea offshore Alaska and plans to abandon the remaining 38 over the next year.
    • Repsol's decision means that Royal Dutch Shell (RDS.A, RDS.B) will hold the only active lease remaining in the Chukchi.
    • Repsol says it also will re-evaluate the value of its leases in the Beaufort Sea, where it jointly owns 22 leases with Eni and Shell and another seven leases with just Eni.
    | Thu, Jun. 9, 10:39 AM | 2 Comments
  • Wed, Jun. 1, 4:58 PM
    • A Who's Who of Big Oil - including Royal Dutch Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), BP, Total (NYSE:TOT), Statoil (NYSE:STO), Repsol (OTCQX:REPYF, OTCQX:REPYY) and Mexico's Pemex are among the major players now registered to take part in Mexico’s deepwater oil auction to be held in December.
    • The Mexican government hopes to see ~$7B in investment come in from the auction phase for what is reputed to be the most lucrative blocks in the Gulf of Mexico.
    • “Exploration in deep water can take as long as eight years and production can be up to 10 years, so the current low prices don’t really have a big effect on these projects," says the president of Mexico’s National Hydrocarbons Commission.
    | Wed, Jun. 1, 4:58 PM | 22 Comments
  • Thu, Apr. 21, 10:58 AM
    • ConocoPhillips (COP -0.5%) is downgraded to Underperform from Hold with a $37 price target at Jefferies on valuation, as shares are trading considerably above the price target and at a premium to the sector average.
    • COP’s growth depends on a significant oil price recovery, the firm says, adding that although there is capacity for dividend growth by 2018, the company is likely to prioritize balance sheet repair.
    • Jefferies cuts its respective 2016 and 2017 EPS estimates for COP to a $2.70 loss from a $1.82 loss and to $0.43 from $0.67.
    • The firm also downgrades Repsol (OTCQX:REPYF, OTCQX:REPYY) to Underperform.
    • Now read ConocoPhillips' fate is out of its hands
    | Thu, Apr. 21, 10:58 AM | 12 Comments
  • Wed, Apr. 20, 6:58 PM
    | Wed, Apr. 20, 6:58 PM | 2 Comments
  • Mon, Apr. 11, 6:19 PM
    • Repsol (OTCQX:REPYF, OTCQX:REPYY) is given the go-ahead by Alberta regulators to restart work at a well site that was shut down in January after an earthquake occurred during fracking operations.
    • Repsol provided a plan the regulator accepted for modified fracking operations at the well that involves slowly clearing out fracturing fluids at a limited rate of pressure, in an attempt to eliminate quakes or reduce them to less than magnitude 4.0.
    • The company had suspended operations after a 4.8 magnitude quake north of the town of Fox Creek, in the area's  largest earthquake in more than a year.
    • Now read Should you buy a company after a dividend cut?
    | Mon, Apr. 11, 6:19 PM | 1 Comment