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Tue, Dec. 16, 10:24 AM
- Talisman Energy (TLM +47.2%) explodes higher at the open after Repsol's (OTCQX:REPYY -2.3%) $13B deal to buy the company, but investors in the Spanish company aren't so enamored, sending shares lower.
- The purchase price of $8/share reflects a 75% premium to the seven-day volume weighted average share price - a hefty price that analysts say could force Repsol to consider a sale of its 30% stake in Gas Natural; Repsol chairman Antonio Brufau says his company is not considering such a sale.
- Barclays believes Repsol is getting a business that is free cash flow negative with a problematic North Sea business of questionable value, and that it should have waited longer for what could be a prolonged oil price downturn to make an acquisition.
- But considering that TLM's share price topped $11 last June before plunging to ~$4 last week, 24/7's Paul Ausick says Repsol got a bargain; TLM’s main assets are high quality - in the Marcellus shale play in Pennsylvania and the Eagle Ford shale play in south Texas, as well as off the coasts of Indonesia and Malaysia - and the two companies' combined production capacity will total ~680K boe/day with refining capacity of ~1M bbl/day, vaulting it into the ranks of the 20 largest oil companies in the world.
Tue, Dec. 16, 9:11 AM
- Total (NYSE:TOT) says it will delay drilling for oil and gas off Bulgaria's Black Sea coast by at least six months until early 2016 following the fall in global oil prices.
- TOT, operator of the offshore 1-21 Han Asparuh block, says it has cancelled tenders for drilling services in a decision agreed with its partners in the block, Austria's OMV (OTC:OMVJF) and Spain's Repsol (OTCQX:REPYY, OTCPK:REPYF).
- The drilling of a deepwater well in the block is estimated to cost ~€300M ($376M).
Tue, Dec. 16, 2:44 AM
- Talisman Energy (NYSE:TLM) has confirmed that Repsol (OTCQX:REPYY, OTCPK:REPYF) plans to purchase it for $8.3B, or $8 per share in cash.
- Repsol said it would also take on $4.7B of Talisman debt as part of the deal, putting TLM's enterprise value at $13B.
- Talisman Energy's board has approved the offer and recommends that shareholders accept it.
- TLM +20% After hours
Mon, Dec. 15, 9:51 AM
- Talisman Energy (TLM +21.2%) explodes higher at the open as Repsol (OTCQX:REPYY, OTCPK:REPYF) closes in on a deal and Canada Pension Plan Investment Board reportedly weighs a bid for the Canadian oil and gas explorer.
- Bloomberg reports that Canada Pension is considering making a bid for the whole company after initially considered buying parts of it, perhaps emboldened by a 59% YTD plunge in TLM.
- Expansion is reporting that Repsol’s board is meeting today to approve a TLM bid.
Mon, Dec. 15, 9:03 AM
- Talisman Energy (NYSE:TLM) +17.2% premarket after confirming it is engaged in discussions with Repsol (OTCQX:REPYY, OTCPK:REPYF) about a potential transaction, and has been approached by other parties.
- TLM closed 16% higher on Friday as details of Reposl's interest leaked out; senior execs reportedly traveled to Calgary to discuss a deal that could be completed before Christmas.
Fri, Dec. 12, 11:33 AM
- The perception takes hold that a takeover offer for Talisman Energy (TLM +34.5%) is imminent, as Financial Times reports that Repsol (OTCQX:REPYY, OTCPK:REPYF) executives have traveled to Calgary and hope to seal a deal by Christmas.
- The price being negotiated is in a range of $6-$8/share, which would represent a premium of up to 117% to TLM’s C$4.26 closing price yesterday; including debt, the deal would give TLM an enterprise value of $10B-$12B.
Fri, Dec. 12, 8:00 AM
- Talisman Energy (NYSE:TLM) +10.8% premarket after a report suggests Repsol (OTCPK:REPYF, OTCQX:REPYY) is finalizing a €4B for the company.
- Citing financial sources, the newspaper Expansion says a bid could come in at ~C$6/share.
- Repsol had recently revived takeover talks with TLM after dropping a plan earlier this year to buy the company, according to reports.
Mon, Dec. 8, 3:58 PM
- Repsol (OTCPK:REPYF, OTCQX:REPYY) has revived talks with Talisman Energy (TLM -4.8%) in a bid to bolster its presence in North America, according to a Bloomberg report.
- Repsol and TLM are said to be discussing options including the sale of a selection of assets or the whole company.
- Repsol, which is seeking to deploy ~$10B in cash on acquisitions outside its home market, reportedly dropped a plan to buy all of TLM in August.
Wed, Dec. 3, 8:37 AM
- Petrobras (NYSE:PBR) says it had found natural gas in an exploratory well off the Colombian coast, the first deepwater discovery in Colombia's Caribbean waters; PBR is the operator of the Bloco Tayrona area with a 40% stake, while Colombia's Ecopetrol (NYSE:EC) and Spain's Repsol (OTCPK:REPYF, OTCQX:REPYY) each hold 30%.
- Meanwhile, Brazil's securities industry watchdog has fined the pension fund owned by Petrobras workers for participating in the election of board members that was reserved only for minority shareholders; the move highlights the rising conflict of interest between Brazil's pension funds and the government, which joined forces in recent years to boost their decision-making power in the company at the expense of minority shareholders.
Tue, Dec. 2, 7:54 AM
- Repsol (OTCQX:REPYY, OTCPK:REPYF) is seeking partners to invest $4B to export natural gas from North American shale to Europe, Reuters reports.
- Repsol aims to build the plant with a planned capacity of 5M metric tons/year of liquid natural gas at its Canaport terminal on the east coast of Canada in New Brunswick to meet Europe's growing demands for cheap and dependable gas.
- The project may attract large European utility companies interested in diversifying away from Russia, which currently supplies about a third of the EU's oil and gas needs, and ~40% of that is shipped through Ukraine.
Fri, Nov. 21, 2:57 PM
- Petrobras (PBR +11.7%) says it has launched regular operations at its Cidade de Ilhabela offshore platform at the Sapinhoa field in the Santos Basin offshore Brazil.
- The facility can produce up to 150K bbl/day of oil and compress up to 6M cm/day of natural gas.
- Sapinhoa field production started in Jan. 2013 via an interconnecting well.
- PBR is the operator and owns a 45% interest, while BG Group (OTCPK:BRGXF, OTCQX:BRGYY) holding 30% and Repsol (OTCQX:REPYY, OTCPK:REPYF) 25%.
Thu, Nov. 20, 5:58 PM
- It’s time for the medium-term investor to start buying the biggest of big oil companies, HSBC says, as the market seems to have capitulated on the sector.
- HSBC views BP and Total (NYSE:TOT) as clearly the cheapest of the oil supermajors, with share price discounts to sum-of-the-parts valuation for BG Group (OTCPK:BRGXF, OTCQX:BRGYY), Statoil (NYSE:STO) and Repsol (OTCQX:REPYY, OTCPK:REPYF); Exxon Mobil (NYSE:XOM) still trades at small premium to the SoP valuation, and the firm likes Chevron (NYSE:CVX), which was penalized in its valuation by its ongoing capital intensity in 2017.
- The stocks also offer average prospective dividend yields of 5%-plus for 2015, and the dividends look robust as they are supported by strong balance sheets, more active asset disposal programs, and strong new project cash margins.
Thu, Nov. 6, 12:44 PM
- Repsol (OTCQX:REPYY, OTCPK:REPYF) reported a 41% Y/Y increase in Q3 profit, driven primarily by its downstream operations where profits rose 77% with refining margins improving significantly.
- Q3 output rose 6.5% to 366K boe/day, the biggest gain among the seven largest publicly listed European oil producers.
- Repsol says it expects lower oil prices to provide new opportunities for M&A in the coming months, and it has a ~$10B war chest with which it plans to pursue acquisitions of both corporates and upstream assets, especially in North America.
- “We will look at everything that moves," CFO Miguel Martínez says.
Tue, Oct. 28, 12:45 PM
- Spain’s Repsol (OTCQX:REPYY, OTCPK:REPYF) reports an ultra-deepwater oil discovery in the Leon exploratory well located in the deepwater Gulf of Mexico, which found net pay of 150 meters within a 400 meter column.
- Well results are being evaluated, and additional work is required to determine the size of the hydrocarbon deposit.
- Repsol owns a 60% stake and is operator of the well, while Colombia’s Ecopetrol (NYSE:EC) has 40%.
Tue, Sep. 30, 3:07 PM
- Royal Dutch Shell (RDS.A, RDS.B) and Statoil (NYSE:STO) say they won blocks in an Algerian oil and gas bidding round, the first since a deadly terrorist attack at a gas plant in Jan. 2013.
- A consortium between Shell, Algeria's state-owned Sonatrach and Spain's Repsol (OTCQX:REPYY, OTCPK:REPYF) - the operator - won an oil and gas exploration license, while STO was awarded another block, also in partnership with Shell and Sonatrach.
- Algeria has struggled to attract foreign investment to its oil sector in recent years amid security fears; a French hostage was killed in the country just last week.
Mon, Sep. 29, 2:37 PM
- Talisman Energy (TLM -2.2%) is downgraded to Hold from Buy with a $10.50 price target, down from $14, at TD Securities on reduced expectations for a major deal.
- TD believes TLM needs to deliver on a game-changing transaction, such as spinning out an entire division such as the Asia Pacific assets or a corporate sale, to convince investors to bid up shares.
- TLM has been discussing a combination with Repsol (OTCQX:REPYY, OTCPK:REPYF), but reports say the process has stalled.
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