Repsol YPF, S.A. Q3 2007 Earnings Call TranscriptNov. 9, 2007
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
Thursday, Apr 248:45 AM
Thursday, Apr 248:45 AM| Comment!
- Argentina's parliament approves a deal that would compensate Spain's Repsol (REPYY, REPYF) for the expropriation of its stake in Argentine oil firm YPF two years ago, according to local press reports.
- The terms of the deal, in which Argentina would compensate Repsol with bonds worth ~$5B, were negotiated during several months starting in late 2013.
- The deal is seen as crucial in helping Argentina attract foreign investment in its shale oil and gas reserves, which are among the world's largest.
Monday, Apr 79:48 AM
Monday, Apr 79:48 AM| 4 Comments
- Brent crude prices slip below $106/bbl as worries about supply disruptions ease after Libyan rebels occupying four eastern oil ports agree to gradually end their eight-month blockade.
- Libya's Zueitina and Hariga ports, held by federalist rebels demanding more autonomy from Tripoli, will open immediately, while larger ports Ras Lanuf and Es Sider apparently will be freed in two to four weeks after more talks.
- Energy companies with a significant presence in Libya include Total (TOT), Statoil (STO), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES), Occidental Petroleum (OXY) and Repsol (REPYF, REPYY).
- ETFs: USO, OIL, UCO, SCO, DTO, DBO, BNO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM, TWTI
Monday, Mar 248:59 AM
Monday, Mar 248:59 AM| 1 Comment
- Pacific Rubiales Energy (PEGFF) is working with Bank of America to review its strategic options and could lead to the sale of the company, according to a Bloomberg report.
- The review reportedly includes defense advisory, market analysis and the sale of midstream assets; Repsol (REPYF, REPYY) is said to have considered an acquisition of Pacific within the past year though it decided for the time being not to pursue a deal, and the two companies held exploratory talks last year about potential joint ventures in Colombia, Venezuela and Mexico.
Tuesday, Mar 119:59 AM
Tuesday, Mar 119:59 AM| Comment!
- Repsol (REPYY, REPYF) says it restarted production at its 340K bbl/day El Sharara oil field in remote southern Libya after the complex was shut down a month ago due to clashes with protesters.
- Disruption in Libya, which accounts for ~12% of Repsol's total global output, contributed to the company's loss in its results for the past year; analysts estimate the shutdown of the oil field cost Repsol ~€30M ($42M), or €1M/day in net profit.
Wednesday, Mar 512:37 PM
Wednesday, Mar 512:37 PM| 4 Comments
- Royal Dutch Shell (RDS.A, RDS.B), Petrobras (PBR), Anadarko (APC), Ecopetrol (EC), Repsol (REPYF, REPYY), and BG Group (BRGYY, BRGXF) have expressed interest in Colombian deepwater blocks after the country sweetened contract terms, according to the deputy energy minister.
- Companies drilling in deep water now will be able to recover 200M barrels before the government begins taking a 30% royalty, with operators in ultra-deep water allowed 300M barrels.
- Colombia will auction 13 blocks in this year’s bidding round, three located off the Pacific coast and 10 in the Caribbean.
Tuesday, Feb 252:47 PM
Tuesday, Feb 252:47 PM| 2 Comments
- As expected, Repsol's (REPYY, REPYF) board of directors approves a definitive $5B settlement from Argentina's government over assets seized when the country's majority stake in energy firm YPF was expropriated in 2012, ending a two-year battle for compensation.
- Repsol will receive a package of three dollar-denominated Argentine sovereign bonds with a nominal value of $5B as well as additional bonds with a maximum face value of up to $1B to compensate for the market discount on the first group of bonds.
- The deal still must be approved by Repsol's shareholders.
Friday, Feb 217:58 AM
Friday, Feb 217:58 AM| 1 Comment
- Repsol (REPYY, REPYF) says it will take a one-time impairment charge of €1.28B ($1.75B) on its 2013 earnings to account for the loss of a controlling stake in YPF, the oil firm taken over by Argentina's government in 2012.
- The warning comes after the governments of Spain and Argentina in November reached an agreement in principle to compensate Repsol for the YPF expropriation; reports this week have said an agreement on compensation is near, and that Argentina would pay Repsol ~$5B in Argentine government bonds.
Wednesday, Feb 199:12 AM
Wednesday, Feb 199:12 AM| Comment!
- Repsol (REPYY, REPYF) is close to reaching an agreement with Argentina on final terms of a compensation package for the seizure of its YPF unit two years ago, Bloomberg reports.
- The proposed compensation is centered on Argentine government bonds, and the negotiating teams intend to have final terms ready for presentation at a Feb. 26 Repsol board meeting, and pending approval then could be delivered to shareholders in March, the report says.
- Argentina may feel that settling the dispute will help the country attract more companies to develop its shale fields, among the world’s largest.
Friday, Jan 3112:47 PM
Friday, Jan 3112:47 PM| Comment!
- Repsol (REPYY, REPYF) agrees to sell its stake in a consortium that operates a major Peruvian gas pipeline to energy company Enagás for ~$219M.
- Transportadora de Gas del Peru operates a pipeline that transports gas from the Camisea fields in Peru's southeastern Amazon region to the country's Pacific coast; ~50% of the feedstock for Peru's electricity generation depends on the pipeline.
- Repsol has been selling off other assets in Peru as part of a broader divestment plan.
Tuesday, Jan 142:14 PM
Tuesday, Jan 142:14 PM| Comment!
- Kurdistan's regional government approves Maersk Oil's (AMKAF, AMKBY) acquisition of a 40% interest in two exploration blocks in the Kurdistan region of Iraq from Repsol (REPYY, REPYF), which will continue as operator of the blocks with 40% interests; the price for the stakes is not disclosed.
- In 2012, Repsol undertook a significant 2D seismic acquisition program which identified a number of drilling targets.
Thursday, Jan 22:03 PM
Thursday, Jan 22:03 PM| Comment!
- Libya hopes it can restart production at one of its largest oil fields, Repsol-operated (REPYY, REPYF) El Sharara, in two to three days after protesters agreed to end their two-month stoppage of the facility.
- The stoppage is one of several disruptions of Libya's oil supply caused by protesters, including workers and armed militia, which caused the country's output fell to below 250K bbl/day vs. 1.6M bbl/day in 2011 before Gadhafi's downfall.
- The prospect of increased production in Libya is helping to push crude prices lower; WTI crude -2.5% to $95.95, and shares of most energy companies also are down.
- ETFs: USO, OIL, UCO, SCO, DBO, DTO, BNO, CRUD, USL, DNO, SZO, UWTI, OILZ, DWTI, OLO, OLEM, TWTI.
Thursday, Jan 28:10 AM
Thursday, Jan 28:10 AM| Comment!
- Royal Dutch Shell (RDS.A, RDS.B) completes its acquisition of Repsol's (REPYY, REPYF) liquefied natural gas portfolio outside North America for $3.8B net, less than the $4.4B originally agreed last February.
- The purchase price was amended to include the exercise of pre-emption rights of the BBE power plant in Spain by an existing partner, as well as other adjustments such as the financial performance of the portfolio and working capital movements since Oct. 1, 2012.
- Shell says the deal, which includes the sale of plants in Peru and Trinidad and Tobago, substantially increases the shipping capacity available to its LNG marketing business and will contribute additional cash flow.
Thursday, Nov 282013, 6:36 AM
Thursday, Nov 282013, 6:36 AM| 3 Comments
- Repsol's (REPYF) board has agreed the outline of a compensation package from Argentina for the government's nationalization of the Spanish oil major's 51% stake in YPF (YPF) in April 2012.
- Repsol, which will now open talks with the government, didn't provide the details. However, reports say that Argentina is offering $5B in dollar-denominated government bonds, around half the amount Repsol first demanded following the expropriation.
- Argentina hopes the deal will help it to attract investment in its energy industry, and to regain the confidence of foreign creditors amid shortages of foreign currency and limited borrowing options.
Tuesday, Nov 262013, 3:49 AM
Tuesday, Nov 262013, 3:49 AM| 3 Comments
- Repsol's (REPYF) board is due to decide tomorrow whether to accept a compensation proposal from Argentina for the nationalization of the oil company's 51% stake in YPF (YPF) in April 2012.
- Repsol would receive "liquid assets", with Spanish publication El Confidencial reporting that the offer includes $5B of Argentina-backed debt. Repsol initially demanded $10.5B in compensation.
- The firm's shares are +3.75% in Madrid.
Monday, Nov 182013, 5:41 PM
Monday, Nov 182013, 5:41 PM| Comment!
- Repsol (REPYF, REPYY) says it will not sell its La Pampilla refinery located outside of Lima, saying the offers it received didn't reflect the refinery's true value.
- Repsol had said earlier this year it intended to sell La Pampilla as part of a broader plan to divest assets in Latin America and elsewhere; it already had sold off a minority holding in Peru LNG, which produces liquefied natural gas.
Friday, Nov 82013, 11:27 AM
Friday, Nov 82013, 11:27 AM| Comment!
- Repsol (REPYY, REPYF) says it plans to invest $4B in Venezuela through 2022 on existing projects and discoveries en route to increasing output to nearly 100K bbl/day from the current 40K.
- Repsol owns an 11% in the Carabobo-1 project in Venezuela’s Orinoco heavy oil belt, the world's largest accumulation of heavy and extra-heavy oil; state-run PDVSA has a controlling 60% stake.
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