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REPYY.PK

Repsol Ypf S.A.

5/18/2013, 2:45 PM ET

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Friday, May 17, 5:31 PM Venezuela reportedly will allow its state-owned energy company to form joint ventures with PetroChina (PTR) and Chevron (CVX) to manage $6B in loans designed to reverse declining oil output. Agreements have been reached on terms of a $2B credit from CVX for the Petroboscan venture and a $4B loan from China for Sinovensa. Similar deals may be in the works with Shell (RDS.A) and Repsol. 3 Comments [Energy, Global & FX]
Thursday, May 9, 7:57 AM Repsol (REPYY.PK, REPYF.PK) continues to bounce back from the YPF saga, as its Q1 profit rose 38% Y/Y, mainly due to higher production and refining margins. Excluding one-off gains and losses from asset sales and the like, CCS adjusted net income rose 47% to €676M, above analyst consensus of €545.1M. Group revenues rose 3% to €15.5B. Comment! [Energy, Earnings]
Tuesday, April 30, 10:12 AM Argentina’s billionaire Eurnekian family has pledged $700M in two deals to hasten a partnership with Argentina's state-owned YPF to develop its Vaca Muerta fields which contain Latin America’s largest shale reserves with ~23B boe. If an earlier memorandum of understanding becomes a binding deal, it would mark YPF's first in the year since the company was expropriated from Repsol. 1 Comment [Energy, Global & FX]
Friday, March 8, 5:19 PM Repsol (REPYY.PK) says it is not in talks with Argentina over compensation relating to the expropriation of its 51% stake in YPF last year, after Reuters had reported earlier this week that Caixabank was brokering talks with the government. Repsol reiterates its willingness to negotiate with Argentina but wants full compensation for the stake. Comment! [Energy, Global & FX]
Tuesday, March 5, 2:59 PM Spanish lender Caixabank, which owns a 12.5% stake in Repsol (REPYY.PK), reportedly has held talks with Argentina's government to try to broker a compensation deal for the seizure of its majority stake in national oil company YPF (YPF +1.2%) last year. The talks are said to be very preliminary, with no deal likely in the short- to medium-term. Comment! [Energy, Global & FX]
Monday, March 4, 8:12 AM Repsol (REPYY.PK) raises another $1.35B by selling a stake in itself to Singaporean sovereign fund Temasek, just days after gathering $4.4B in cash from the sale of some LNG assets to Shell. Keeping hold of the investment grade rating means Repsol should remain an attractive partner for upstream projects, WSJ’s Andrew Peaple says; Temasek’s backing could help. Comment! [Energy, Global & FX]
Tuesday, February 26, 4:39 PM Royal Dutch Shell (RDS.A, RDS.B) confirms it will purchase part of Repsol's liquefied natural gas portfolio outside of North America, including supply positions in Peru and Trinidad & Tobago, which are expected to add ~7.2M metric tons/year of LNG volumes. The agreement includes $4.4B in cash for the assets and $1.8B in balance sheet liabilities including LNG vessel charters. (earlier) Comment! [Energy, Global & FX]
Tuesday, February 26, 8:15 AM Royal Dutch Shell (RDS.A, RDS.B) reportedly is close to reaching a deal to purchase Repsol's liquefied natural gas assets in Peru and Trinidad and Tobago, in a deal that would bring at least €1.5B ($1.98B) in cash to the debt-laden Spanish firm. The deal, which would exclude Canadian assets originally included in the package Repsol put up for sale, could be announced as soon as today. Comment! [Energy, Global & FX]
Friday, February 15, 3:24 PM Repsol’s effort to sell a liquefied natural gas business for ~$2.7B reportedly has bogged down over its commitments to ship gas into Canada, as the underutilized Canaport LNG import hub "has become a big white elephant for Repsol due to the North American gas-supply demand fundamentals.” A sale has been a centerpiece of Repsol’s divestment plan aimed at avoiding a debt-rating downgrade to junk. 1 Comment [Energy, Global & FX]
Tuesday, January 29, 7:58 AM Shell (RDS.A) is going into liquefied natural gas in a big way, and reports say it is likely to snap up Repsol's (REPYY.PK) assets in Peru, Canada and Trinidad and Tobago. Repsol has said it wants to sell assets in Canada where it controls 75% of the Canaport LNG terminal, its 20% stake and sole off-taker position in the 4.4M metric tons/year Peru LNG, and its holding in Trinidad and Tobago’s Atlantic LNG. 1 Comment [Energy, Global & FX]
Tuesday, January 15, 4:43 PM Repsol (REPYY.PK) expects to sell liquefied natural gas assets for ~€2B ($2.7B) by early February, Bloomberg reports; the buyer is not known, but GDF Suez has said it was looking at Repsol’s LNG assets. Spain's largest energy company is trying to keep its investment-grade debt rating by selling €4.5B in assets by 2016 and paying down borrowings. Comment! [Energy]
Friday, January 4, 10:03 AM Spain's Repsol (REPYY.PK) says it will take legal action against Bridas International over a deal to develop shale resources with Argentina's state-controlled YPF, carrying out its threats to sue Chevron and anyone else who partners with YPF after the Argentine government seized control of its majority stake in YPF last April. Comment! [Energy, Global & FX]
Tuesday, December 4, 2012, 4:38 PM Repsol (REPYY.PK) sues Chevron (CVX) in U.S. federal court over CVX's cooperation agreement with Argentina's YPF. The Spanish company claims CVX entered into its contract after Argentina expropriated its majority stake in YPF, and it seeks a declaration that CVX has no rights under the contract and can't develop energy assets without authority from YPF. 1 Comment [Energy, Global & FX]
Wednesday, November 21, 2012, 2:58 PM Chevron (CVX) says the Spanish court where Repsol (REPYY.PK) filed a lawsuit against it for entering into an agreement with YPF to develop shale gas reserves in Argentina doesn’t have authority to rule on the deal. Vaca Muerta, the area in western Argentina where CVX wants to explore, contains the equivalent of more than 23B barrels of oil. Comment! [Energy, Global & FX]
Monday, November 19, 2012, 2:54 PM A Spanish court agrees to consider a lawsuit by Repsol (REPYY.PK +2.5%) against Chevron (CVX +1.5%) and other companies that invest in YPF (YPF +5.3%) after Argentina seized control of the Spanish firm's majority stake in YPF in April. CVX and YPF announced a deal in September to jointly explore for shale oil and natural gas in Argentina's Vaca Muerta field. Comment! [Energy, Global & FX, On the Move]
Thursday, November 15, 2012, 3:38 PM Repsol (REPYY.PK +4.6%) shares jump after Spanish Foreign Minister Jose Manuel Garcia-Margallo reportedly predicted his government will reach a deal with Argentina over YPF, the oil producer's Argentine unit which was expropriated in April. Under the World Bank process Repsol initiated in May, Argentina has six months to negotiate a settlement. Comment! [Energy, Global & FX, On the Move]