Thu, Jul. 23, 4:56 PM
- Repsol (OTCPK:REPYF, OTCQX:REPYY) is considering selling assets in countries including Venezuela as it looks to lower debt after its $13B purchase of Talisman Energy last year, Bloomberg reports.
- Repsol also may look at divestments in Alaska, Bolivia and the Gulf of Mexico, as part of its plan to reduce peripheral assets, the report says.
- With crude trading near $50/bbl, the company is reluctant to sell production assets and will start with downstream assets such as pipelines, CEO Josu Jon Imaz has said.
Fri, Jun. 26, 6:56 PM
- Guyana's new president says he has assured Exxon Mobil (NYSE:XOM) that exploration work at the company's recent oil discovery off the coast will not be interrupted, despite Venezuela’s recent revival of a century-old claim on two-thirds of Guyana’s territory.
- Tensions between the countries have risen since XOM’s discovery last month, with Venezuela issuing a decree reasserting its sovereignty over the Louisiana-sized Essequibo region’s land and its Atlantic waters, where XOM has the exploration concession from Guyana.
- XOM has suffered strained relations with Venezuela after the country nationalized its heavy oil projects in 2007, for which an arbitration court has ruled Venezuela must pay XOM $1.6B.
- The prospect for oil also has attracted Repsol (OTCQX:REPYY, OTCPK:REPYF), which Guyana’s government says has requested a six-month extension on its offshore exploration license.
Thu, Jun. 25, 9:59 AM
- Norway's offshore oil rig workers signed a new wage deal late yesterday, avoiding a strike that could have cut energy production.
- More than 500 rig workers, including employees on Repsol's (OTCPK:REPYF, OTCQX:REPYY) Varg and BG Group's (OTCPK:BRGXF, OTCQX:BRGYY) Knarr oil fields, had threatened to strike if talks failed; both fields are operated by vessels owned by Teekay's (NYSE:TK) Norwegian unit.
- A strike ultimately could have escalated to nearly 5K workers, the unions had said, but most of those employees work on exploration rigs and are not involved in ongoing oil production.
Tue, Jun. 9, 11:30 AM
- Repsol (OTCPK:REPYF, OTCQX:REPYY) joins its European peers in calling for governments to agree on carbon pricing at a UN climate summit later this year, expanding the group of energy companies seeking a voice at the meeting.
- Repsol signs the letter that BP, Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Statoil (NYSE:STO), Total (NYSE:TOT) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) released earlier this month - and that the top U.S. companies avoided - asking for a global price for carbon.
- Gas now accounts for ~55% of Repsol's total output following its acquisition of Talisman Energy in December.
Thu, May 7, 12:58 PM
- Repsol (OTCPK:REPYF, OTCQX:REPYY) reported a 74% Y/Y increase in Q1 adjusted net income of €928M ($1B), but shares are lower as underlying trends disappoint.
- Repsol benefited from its bet that the euro would weaker against the dollar, earning €655M of income in its central financial operations, which typically includes interest payments and other financial expenses; in Q4 2014, Repsol had a €85M loss in the area.
- Operationally, lower oil prices and high expenses led to a Q1 €190M loss in the oil pumping and drilling division vs. a €255M profit a year earlier.
- Oil and gas output rose 3.7% Y/Y to 354.6K boe but fell Q/Q, as unrest and attacks on oil fields in Libya led to shutdowns in recent months, offsetting growing production in Brazil, Bolivia and Peru.
Tue, May 5, 12:24 PM
- Repsol (OTCQX:REPYY, OTCPK:REPYF) will transfer the top executive at its Brazilian operations to the U.S. to help integrate Talisman Energy (NYSE:TLM) into its operations, Bloomberg reports.
- Tomas Garcia Blanco, who took over the Brazilian operations less than a year ago, reportedly will help oversee integration of TLM’s North American assets after the $13B acquisition is completed on May 8.
- Garcia Blanco, who will be based in Houston, previously was head of E&P at Repsol’s YPF unit in Argentina, where he oversaw the discovery of the giant Vaca Muerta shale oil field.
Wed, Apr. 8, 3:48 AM
- European energy shares are having a party in early trading following confirmation of Shell's blockbuster deal to buy BG Group for $70B.
- Tullow Oil (OTCPK:TUWLF) soars 11.5%, BP (NYSE:BP) is +4.2%, Repsol (OTCQX:REPYY) +2.2%, Total (NYSE:TOT) +1.3% and Eni (NYSE:E) +1.5%. The STOXX Europe 600 Oil & Gas index is +5.4%.
- "The deal is done on a net asset value basis, and the good price tag is set to trigger some re-rating across the whole sector," says a Paris-based trader.
- ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IXC, IEZ, PXE, IPW, PXI, FENY, PXJ, PSCE, RYE, FXN, GNAT, DDG, FILL
Tue, Apr. 7, 5:38 PM
- Eni (NYSE:E) has emerged in recent weeks as the only international oil company still pumping near capacity in war-torn Libya, helped by protection from militias and tribes secured by its local partners, WSJ reports.
- The security risks have crippled the efforts of rival oil companies such as Total (NYSE:TOT), Repsol (OTCQX:REPYY, OTCPK:REPYF) and Marathon Oil (NYSE:MRO), which have said they have suspended production onshore in the country.
- Eni is the largest western producer in Africa, and its relationships there have helped it produce 240K boe/day in Libya last year and 300K boe/day in early 2015, by far the most of any company in the country.
- Eni says it has no agreements with any militias in Libya.
Thu, Mar. 26, 11:44 AM
- Repsol (OTCQX:REPYY, OTCPK:REPYF) says Antonio Brufau, its Chairman and top executive for more than a decade, will hand over all executive powers to his number two man, CEO Josu Jon Imaz, effective April 30.
- Imaz has run day-to-day business at Repsol since he was promoted to the job last April, but Brufau had kept oversight of the finance and communication divisions and is still officially the company's top executive.
- Repsol says it will ask shareholders to re-elect Brufau as chairman in a non-executive capacity for four years, at a meeting also due on April 30.
Wed, Mar. 18, 7:44 AM
- Talisman Energy (NYSE:TLM) says it is terminating 10%-15% of its employees and contractors, or 150-200 of 1,300 Calgary head office jobs that support its global operations, as it scales back its budget by 30% this year to contend with collapsing crude oil prices.
- TLM says the cuts are not related to Repsol's (OTCQX:REPYY, OTCPK:REPYF) $8.3B takeover of the company, which is expected to close by mid-year.
- TLM follows Cnooc’s Nexen Energy subsidiary and Athabasca Oil in announcing job cuts in Canada’s oil patch on Tuesday.
Wed, Mar. 11, 5:41 PM
- The widening corruption probe into Petrobras (NYSE:PBR) is likely to delay by at least one year four major offshore oilfield projects, Portuguese partner Galp Energia (OTC:GLPEF) says, in a first sign of strain on foreign investors.
- Galp, which is involved in nearly 30 onshore and offshore oil and gas projects in Brazil, eyes a one-year delay in the building of production ships for the Lula Sul, Lula Norte, Lula Extremo Sul and Lula Oeste fields, which it is developing with PBR.
- The uncertainty is expected to lead to delays in the delivery of four locally-made FPSO units after contractors have either gone bankrupt or been banned from receiving money from PBR due to the corruption scandal.
- Galp's forecast comes before PBR issues its own guidance on project development in light of the investigation.
- Other major oil companies producing in Brazil include XOM, RDS.A, RDS.B, STO, CVX, BP, OTCQX:REPYY, OTCPK:REPYF, OTCPK:BRGXF, OTCQX:BRGYY.
Thu, Feb. 26, 9:58 AM
- Repsol (OTCQX:REPYY, OTCPK:REPYF) may seek a full listing of its ADRs on the U.S. market once it closes the purchase of Talisman Energy, CEO Josu Jon Imaz says.
- During today's earnings conference call, Imaz also was bullish on the Repsol's refining business for the coming two years, saying the downstream operations had performed better so far during the current quarter than in the previous one; he estimates downstream EBITDA to rise to €2.5B-€2.6B in 2015 and 2016 vs. €2.2B in 2014.
- Repsol's bid for Talisman was approved by the Canadian producer’s shareholders last week
- Earlier: Repsol Q4 earnings surge despite oil price fall
Thu, Feb. 26, 7:59 AM
- Repsol (OTCQX:REPYY, OTCPK:REPYF) reports a surge in Q4 earnings, with adjusted net income tripling Y/Y to €370M, beating analyst consensus estimates.
- Repsol plans for its 2015 upstream investment to drop to $2.8B from $3.7B, with exploration spending to decline 35%.
- Q4 oil and gas production rose 16% Y/Y, as Repsol started extracting hydrocarbons from new projects in Peru and Brazil, but profit at the E&P business fell to just €4M from €162M in the year-ago quarter, which the company blamed on lower oil prices and suspension of production in Libya.
- The E&P weakness was more than offset by soaring profits at the downstream operations, which include refining and sales at Repsol’s network of gas stations around Spain; income at the downstream operations totaled €370M vs. €21M a year earlier, and refining margins rose to $4.10/bbl from $3.30.
- Repsol lowered its net debt by 64% on the year to €1.94B, and it held a cash position of €9.84 billion.
Tue, Feb. 24, 10:14 AM
- Oil production in the British section of the North Sea continued to decline in 2014 amid rising costs, high taxes and low oil prices, according to a report from an industry lobbying group which wants the U.K. government to cut taxes and streamline the complex regime for the oil and gas sector.
- British North Sea production in 2014 fell 1.1% Y/Y to 1.42M boe/day, the report says, down ~70% since the area's peak in 1999.
- The report notes that oil companies drilled only 14 exploration wells last year in the British part of the North Sea, vs. ~70 exploration wells drilled in the nearby Norwegian sector, where the government offers more generous tax incentives.
- Among the North Sea's major producers: BP, RDS.A, RDS.B, COP, E, BHP, TOT, CVX, CEO, OTCPK:BRGXF, OTCQX:BRGYY, OTCQX:REPYY, OTCPK:REPYF
Wed, Feb. 18, 4:37 PM
- Talisman Energy (NYSE:TLM) says its shareholders voted overwhelmingly to approve the takeover of the company by Repsol (OTCPK:REPYF, OTCQX:REPYY).
- TLM expects the deal, which still requires court and regulatory approvals, to close during Q2.
- Repsol expects the acquisition to boost its oil production by 76% to 680K bbl/day while its reserves would increase 55%.
Tue, Feb. 10, 8:44 AM
- Talisman Energy (NYSE:TLM) reported a wider Q4 loss after it wrote down the value of some assets by ~$1.37B to reflect slumping crude oil prices.
- TLM says it wrote down the value of its Eagle Ford assets in Texas by $614M, fully impaired an investment in the Kurdistan region of Iraq by $234M, and took charges related to assets in the North Sea and in the Equion field in Colombia; it also recorded a $996M loss on joint ventures such as Talisman Sinopec Energy UK, which operates oil and gas fields in the North Sea.
- In North America, TLM's total production and production from ongoing operations averaged 173K boe/day for Q4, up 5% Y/Y due to increased volumes from Canada and Eagle Ford.
- TLM says it still expects the takeover by Repsol (OTCQX:REPYY, OTCPK:REPYF) to happen in Q2.
Visit Seeking Alpha's
REPYF vs. ETF Alternatives
Oil & Gas company in all aspects of the petroleum business, including in the exploration, development and production of crude oil, natural gas; the transportation of petroleum products and liquefied petroleum gas (LPG) and natural gas; petroleum refining; production of petrochemicals and... More
Other News & PR