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Repsol S.A. ADR (REPYY)

  • 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.
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  • 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.
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  • 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
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  • 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.
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  • 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
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  • 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%.
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  • 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.
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  • Fri, Jan. 16, 10:40 AM
    • Repsol (OTCQX:REPYY, OTCPK:REPYF) says it is abandoning oil and gas exploration off the Canary Islands after an initial survey failed to obtain results sufficient to merit future extraction.
    • Repsol leads a consortium including Australia's Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) and Germany's RWE (OTCPK:RWEOY) that planned to spend $350M on exploration in the area.
    • The Spanish company had forecast long-term yields of 110K bbl/day of oil from the project, enough to cover ~10% of Spain’s oil consumption; a major discovery could have reduced Spain’s 99% reliance on energy imports.
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  • Mon, Jan. 5, 2:44 PM
    • Chevron (CVX -3.8%) is downgraded to Neutral from Buy at Citigroup after outperforming big oil peers in the past three months in a reflection of the resilience of CVX's balance sheet.
    • Citi revises its earnings forecasts to reflect lower oil prices, and says the stock now offers little upside in absolute and relative terms, "certainly when balanced against a portfolio that still carries uncertainties around both execution and reinvestment."
    • The firm also downgrades Eni (E -8.6%) and Repsol (OTCQX:REPYY -5.8%), whose business models and valuations will look more challenged in a lower oil environment, but prefers companies it says boast strong growth credentials, such as BG (OTCPK:BRGXF), Total (NYSE:TOT) and ConocoPhillips (NYSE:COP); it keeps Exxon (XOM -2.6%) at Neutral, thinking share buybacks likely will be dialed down to preserve the balance sheet for a prolonged period of lower prices or eventual acquisitions.
  • Dec. 16, 2014, 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.
  • Dec. 16, 2014, 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).
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  • Dec. 16, 2014, 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
  • Dec. 15, 2014, 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.
  • Dec. 15, 2014, 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.
  • Dec. 12, 2014, 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.
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Company Description
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