Repsol Increases Low-carbon Targets to Accelerate Energy Transition
Spain's Repsol has hiked its 2030 capacity target for renewable energy generation by 60% and made a new pledge on cutting emissions from its oil and gas business, in the latest attempt by an energy group to limit its role in climate change.Facing pressure from investors, banks and governments to cut carbon emissions in line with the 2015 Paris accords, European oil and gas companies have set various targets to build more renewable capacity and increase energy efficiency.Repsol said it now plans to have installed wind…
Repsol Profit Beats Estimates
Spanish energy company Repsol trimmed its full-year earnings outlook on Wednesday as lower oil prices and refining margins weighed on profits, but a share buy-back and better than expected results bolstered its stock.Repsol proposed buying and cancelling 5% of its outstanding shares, helping send its stock more than 5% higher in early afternoon trade as investors forgave a fall in second-quarter adjusted net profit.The result - 497 million euros ($554 million) when adjusted for one-off gains and inventory effects…
Boosted by Rising Oil Prices, Spain's Repsol Hits Accelerator
Spain's Repsol plans to increase investment and production and lift its dividend by 2020 after years of cost cuts, the oil and gas company said on Wednesday, as a rebound in global oil prices boosted its profits.The refiner will spend 15 billion euros ($17.6 billion) across units including exploration, production, refining and commercial over the next two years, it said in its 2018-2020 strategy plan.Repsol had focused on cost and debt reduction since paying a hefty premium to buy Canadian producer Talisman for $8.3 billion in 2015…
Repsol Beats Street, Hikes Dividend
Spanish oil major Repsol on Wednesday hiked its dividend by 13 percent to 0.90 euros per share after posting a better than expected fourth-quarter net profit, as trading gains and lower financial costs more than offset falling refining margins. Recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) came in at 703 million euros ($860 million) in the October-December period compared to 698 million euros last year and a forecast for 554 million euros in a Reuters poll of analysts. Production in the fourth quarter was 715,000 barrels per day versus 679,000 bpd a year ago.
Top CEOs Back Climate Change Bid
The chief executive officers of 10 of the world’s largest oil and gas companies - which together provide almost a fifth of all oil and gas production and supply nearly 10% of the world’s energy - today declared their collective support for an effective climate change agreement to be reached at next month’s 21st session of the United Nations (UN) Conference of Parties to the UN Framework on Climate Change (COP21). In their milestone declaration, the CEOs of the 10 companies that currently make up the Oil and Gas Climate Initiative (OGCI) – BG Group…
Repsol Q1 Profit Up, Underlying Trend Disappoints
Exploration and production books 190 million euros loss; refining up but not enough to offset cheap oil effect. Repsol shares fell 3 percent on Thursday, despite a 74 percent rise in adjusted clean net profit for the first quarter, as the oil group's operating performance undershot analysts' expectations. Low energy prices, stalling production in Libya, currency adjustments in Brazil and higher exploration costs more than offset the positive impact of rising refining margins in Spain and encouraged investors to take profits after months when Repsol has outperformed the sector.
Repsol Buying Talisman Energy for $13 billion
Repsol agrees to buy Canada's 5th largest oil producer; offers 56 pct premium to Talisman market value. Spain's Repsol has agreed to buy Talisman Energy, Canada's fifth-largest independent oil producer, for $13 billion, showing how the drop in oil prices is pushing energy companies to take the plunge on big M&A deals. A near halving in the oil price since June has lowered price tags on producers like Talisman, spurring renewed interest from Repsol which has long been searching for oil and gas assets in North America and elsewhere.
