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, Oct 102013, 2:09 AM
Thursday, Oct 102013, 2:09 AM| 3 Comments
- A group of former rebels aligned with the Libya's interior ministry has seized Libyan Prime Minister Ali Zaidan and taken him to an unknown destination.
- The head of the Supreme Security Committee for Tripoli says the group, called the Libya Revolutionaries Operations Room, took Zaidan based on false information that an arrest warrant had been issued for him.
- Zaidan's kidnapping highlights the difficulty that Libya has had in restoring law and order since the fall of Muammar Gaddafi in 2011.
- Nymex crude oil is +0.4% to $102.04, Brent is +0.7% to $109.75.
- Major energy companies with interests in Libya, which has Africa's largest proven oil reserves, include Marathon Oil (MRO), Hess (HES), ConocoPhillips (COP), Eni (E), Shell (RDS.A, RDS.B), Exxon (XOM), Repsol (REPYY.PK), Total (TOT) and Apache (APA).
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL
Tuesday, Oct 82013, 11:56 AM
Tuesday, Oct 82013, 11:56 AM| Comment!
- Repsol (REPYY.PK, REPYF.PK) will drill its first offshore well in Namibia as early as February next year, according to a senior official at Namibian national petroleum company Namcor.
- BP has a 30% stake in Block 2513 in Luderitz Bay, and the official says it is also expected to drill before the end of next year.
- Namibia is attracting interest from oil and gas companies keen to explore its offshore potential, which has been likened to Brazil's prolific Santos basin.
Monday, Oct 72013, 7:52 AM
Monday, Oct 72013, 7:52 AM| Comment!
- Singapore's sovereign wealth fund Temasek and Chinese refiner Sinopec (SNP) have approached Repsol (REPYF.PK, REPYY.PK) over its €4.7B ($6.4B) stake in Gas Natural, FT reports.
- Repsol has said it was considering disposing of the stake because the agreed sale of its liquefied natural gas business to Royal Dutch Shell, due to close this year, diminishes the holding's strategic rationale.
- No final decision has been taken and Repsol has received interest from other parties, according to the report.
Wednesday, Oct 22013, 2:59 PM
Wednesday, Oct 22013, 2:59 PM| Comment!
- Brazil's National Petroleum Agency says all 11 companies registered for the Oct. 21 auction of the Libra offshore oil field have qualified to participate in the sale.
- Brazil had previously approved eight firms, but was still reviewing technical and legal documents for France's Total (TOT), Colombia's Ecopetrol (EC) and the Brazilian unit of Portugal's Galp Energia (GLPEF.PK, GLPEY.PK).
- Also approved to bid: Chinese oil companies Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) also registered via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK); Malaysia's Petronas; Japan trading firm Mitsui (MITSY.PK, MITSF.PK); India's ONGC; Royal Dutch Shell (RDS.A, RDS.B) and Brazil's own Petrobras (PBR, PBR.A).
- Officials estimate the 11 companies could form up to three potential bidding groups to compete in the auction.
- Several oil majors are not participating in bidding on Libra, whose development is expected to be pricey.
Tuesday, Oct 12013, 6:23 PM
Tuesday, Oct 12013, 6:23 PM| Comment!
- Chinese state-controlled oil companies will be limited to joint bids to develop Brazil's Libra prospect, amid concerns the firms could share data and reduce competition at the Oct. 21 auction, Brazilian officials say.
- China's Cnooc (CEO) and China National Petroleum (PTR) are controlled by the Chinese government and would have to team up for a potential bid if both companies want to participate; it's unclear whether Sinopec (SNP) could bid on its own, since it registered for the auction via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK).
- The move threatens to further water down bidding in Brazil's first-ever auction under new production-sharing agreements after oil majors such as Exxon, BP and Chevron declined to participate.
Thursday, Sep 262013, 11:35 AM
Thursday, Sep 262013, 11:35 AM| 1 Comment
- In its latest fleet contract status update, Rowan (RDC -0.4%) says it booked a multi-well contract for one of its premium jack-ups with a rig share group that includes EOG, Trinity Exploration, Repsol (REPYY.PK, REPYF.PK) and Centrica (CPYYF.PK, CPYYY.PK) at $160K/day vs. its previous day rate of $145K.
- RDC also reported two separate one-well contracts for the Rowan Louisiana at $95K/day, unchanged from the previous day rate.
- Wunderlich views the update as "slightly positive," and the firm continues to believe RDC offers the most attractive EBITDA growth at its current valuation of any name in the offshore drilling space (Briefing.com).
Thursday, Sep 192013, 6:15 PM
Thursday, Sep 192013, 6:15 PM| 10 Comments
- More on Brazil's planned auction of the Libra oil prospect: Only 11 companies registered to participate - far fewer than the expected 40 - and some of the biggest firms backed out, including Exxon (XOM), Chevron (CVX) and BP (earlier).
- Asian state-owned companies dominate the list of participants: India's ONGC, Malaysia's Petronas, Colombia's Ecopetrol (EC), China's Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) will take part through joint ventures with Brazilian units of Spain's Repsol (REPYY.PK, REPYF.PK) and Portugal's Galp Energia (GLPEF.PK).
- Also taking part: Shell (RDS.A, RDS.B), Total (TOT) and Mitsui (MITSY.PK, MITSF.PK).
- Analysts blame the lack of interest on new rules drawn up by Brazil's government that place development and profits under greater state control; too many companies don't want "the trouble of dealing with Petrobras (PBR) and the government. You can get good oil assets elsewhere without that."
- ETFs: EWZ, BRF, EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU.
Wednesday, Sep 182013, 4:59 PM
Wednesday, Sep 182013, 4:59 PM| Comment!
- Argentina's government reportedly is preparing to offer $1.5B in cash to Spanish oil company Repsol (REPYY.PK, REPYF.PK) as compensation for the 2012 nationalization of Argentina's main energy company, YPF.
- Considering the payment would total only a fraction of the $10.5B Repsol is seeking, the offer is likely to be rejected and could even worsen relations between the two countries.
Wednesday, Sep 182013, 2:49 PM
Wednesday, Sep 182013, 2:49 PM| Comment!
- Venezuela's PDVSA signs a new $14B deal with China National Petroleum (PTR +1.4%) to develop heavy-oil deposits in the country's Orinoco belt, according to the company's oil minister.
- The Orinoco region holds one of largest oil reserves in the world, and PDVSA is working on projects there with foreign partners including Italy's Eni (E), Spain's Repsol (REPYY.PK, REPYF.PK) and Russia's Rosneft (RNFTF.PK).
- CNPC already has minority stakes in two other Orinoco belt projects with PDVSA.
Tuesday, Sep 172013, 5:05 PM
Tuesday, Sep 172013, 5:05 PM| 8 Comments
- In an apparent delayed reaction, companies mentioned as possible takeover targets for Repsol (REPYY.PK, REPYF.PK) as it reportedly looks to make a North American oil acquisition in the $5B-$10B range moved higher today.
- After showing only mild action yesterday, Whiting Petroleum (WLL +3.7%) and Kodiak Oil & Gas (KOG +1.6%) posted strong gains gains; strength in SandRidge Energy (SD +6%) also may have been sparked by Respol speculation, although SD wasn't mentioned in this weekend's WSJ article.
Tuesday, Sep 172013, 8:14 AM
Tuesday, Sep 172013, 8:14 AM| Comment!
- Libya is reviewing the terms it offers foreign companies to explore for and produce oil as it seeks more partners to boost output, says the chairman of the country's state-owned oil company.
- Libya plans to hold its next bidding round for exploration rights in mid-2014, the country's first since Qaddafi's ouster in 2011; Eni (E), Shell (RDS.A, RDS.B), Exxon (XOM), Repsol (REPYY.PK) and Total (TOT) are among ~50 companies that won licenses in four earlier auctions from 2005-07.
- Libya has Africa's largest proven oil reserves, but now produces only 200K-240K bbl/day, a fraction of the post Qaddafi-era high of 1.6M it reached last year, as worker protests over pay and promotions have crippled operations.
Monday, Sep 162013, 11:45 AM
Monday, Sep 162013, 11:45 AM| Comment!
- Repsol (REPYY.PK -1%) is downgraded to Neutral by Credit Suisse after a WSJ weekend report that the Spanish oil major is ready to spend $5B-$10B for a U.S. or Canadian E&P company.
- Credit Suisse says Repsol is likely to conduct a careful search for the right buyer or buyers for its €4.5B ($5.97B) stake in Gas Natural.
- While the WSJ report is long-term positive for Repsol, in the short term its effect is muted by the need to complete the Gas Natural divestment first, as financing for Spanish corporations remains relatively expensive.
- Shares of potential U.S. targets Kodiak Oil & Gas (KOG +0.8%) and Whiting Petroleum (WLL +0.2%) show slight gains.
Sunday, Sep 152013, 7:38 PM
Sunday, Sep 152013, 7:38 PM| 5 Comments
- Repsol (REPYY.PK) is looking to spend $5-$10B on a North American E&P company as the Spanish oil major seeks to gain a foothold in "stable-market" economies after the Argentina debacle imperiled the company's investment-grade rating, WSJ says.
- Companies mentioned in the article as possible targets based on their size and perceived willingness to pursue a deal include Whiting Petroleum (WLL) and Kodiak Oil & Gas (KOG) - those names may get a lift from the article come Monday.
Tuesday, Sep 102013, 10:41 AM
Tuesday, Sep 102013, 10:41 AM| Comment!
- Malaysian oil company Petronas says it will withdraw from the Carabobo project in Venezuela after a dispute over terms with state-controlled oil explorer PDVSA.
- The Carabobo project, of which PDVSA owns 60%, planned to produce 480K bbl/day of oil but is now producing only ~1K bbl/day; Petronas, Spain’s Repsol (REPYY.PK, REPYF.PK), India's ONGC and Indian Oil Corp. had owned a combined 40%.
- Meanwhile, Petronas reportedly is close to selling 10% of the shale gas assets from its recently acquired Progress Energy Resources to Indian Oil Corp. for ~$1.1B.
Monday, Sep 92013, 3:08 PM
Monday, Sep 92013, 3:08 PM| Comment!
- Repsol (REPYY.PK, REPYF.PK) is sounding out banking advisers about a potential sale of its 30%, €4.4B stake in Gas Natural, FT reports, a move that would provide cash to invest more in upstream oil exploration.
- While a final decision on a sale has not been made, the news suggests Repsol now views the stake as having less strategic importance after the February sale of its liquefied natural gas businesses to Shell.
- Repsol has long considered the possibility of selling its stake in Gas Natural, which has been criticized for lacking a clear logic, but the expropriation of YPF delayed any decision about the holding.
Friday, Sep 62013, 3:58 PM
Friday, Sep 62013, 3:58 PM| 4 Comments
- Pemex would consider an offer to partner with YPF in developing shale projects in Argentina, including the Vaca Muerta formation, a director of Mexico's state-run oil company says.
- Apparently the feeling is mutual: YPF CEO Miguel Galuccio has said he might be willing to work with Pemex as a partner to help finance projects to help revert declining output.
- A potential complication: Pemex is a minority shareholder in Repsol (REPYY.PK, REPYF.PK), which is lobbying against prospective Vaca Muerta partnerships since Argentina expropriated YPF from Repsol last year.