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Repsol S.A. ADR (REPYY)

  • Thu, May 7, 12:58 PM
    • Repsol (OTCPK:REPYF, OTCQX:REPYY) reported a 74% Y/Y increase in Q1 adjusted net income of €928M ($1B), but shares are lower as underlying trends disappoint.
    • Repsol benefited from its bet that the euro would weaker against the dollar, earning €655M of income in its central financial operations, which typically includes interest payments and other financial expenses; in Q4 2014, Repsol had a €85M loss in the area.
    • Operationally, lower oil prices and high expenses led to a Q1 €190M loss in the oil pumping and drilling division vs. a €255M profit a year earlier.
    • Oil and gas output rose 3.7% Y/Y to 354.6K boe but fell Q/Q, as unrest and attacks on oil fields in Libya led to shutdowns in recent months, offsetting growing production in Brazil, Bolivia and Peru.
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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. 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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  • Nov. 6, 2014, 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.
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  • Jul. 24, 2014, 8:46 AM
    • Repsol (OTCQX:REPYY, OTCPK:REPYF) reports a 95% rise in Q2 profit, boosted by the sale of stock in its former Argentine unit and bonds the company received in compensation for its nationalization.
    • However, adjusted net income, which excludes gains or losses in the value of inventories and one-off items, fell 2.7% Y/Y to €390M from €401M in the year-ago period; the adjusted result still was far above analyst consensus of €279M.
    • Total Q2 production fell 5.8% Y/Y to 338,000K boe/day, as output that ramped up in Bolivia, Peru and other parts of the world helped offset a lack of output from Libya.
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  • May 8, 2014, 9:15 AM
    • Repsol (REPYY, REPYF) posts a 27% Y/Y rise in Q1 net income to €807M ($1.1B) while adjusted net income grew only 1.5% to €532M.
    • Security concerns kept Repsol's profitable Libyan operations closed for about half of the quarter, which contributed to lower overall output of 5% to 342K boe/day and prompted a 27% decline in profit at the upstream division.
    • The weakness was offset by a 28% profit gain in the downstream refining and petrochemicals business.
    • Repsol says 21K boe/day of new production during Q1 helped partially offset the temporary production loss in Libya and Trinidad & Tobago.
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  • May 9, 2013, 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.
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  • May 10, 2012, 11:37 AM
    Repsol (REPYY.PK +7.4%) moves to show it has a solid future without its nationalized Argentine unit, publishing Q1 earnings figures showing a net profit increase both with and without YPF. Net Q1 profit including YPF rose 3.5% Y/Y to $1.02B; adjusted to exclude the Argentine unit, net profit would have climbed 12.4%. Either way, "a solid set of results," an RBC analyst says.
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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