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Spain's Repsol posted a net loss and wrote down $1.5 billion in assets on Thursday. The COVID-19 health crisis has piled pressure on a sector already hurt by oil prices. The company revised down its gas price outlook for 2020 to $2 per million British thermal units, from $3. It burned cash, with a negative free cash flow of 217 million euros, but expected cash-flow from operations of 3.6 billion euros this year.
Spanish energy firm, Repsol today registered a 28% dip in first-quarter profit, joining most of the oil and gas firms whose balance sheets were hurt by the coronavirus crisis. However, Repsol's adjusted net profit for the quarter that ended March 31st was 447 million euros ($487.5 million), beating analyst forecasts' of 330 million euros by a large margin.
Oilfield services giant, Petrofac has secured a major contract extension to continue supporting the operations of Repsol-Sinopec Resources UK Limited’s in the North Sea. The Jersey-based firm will continue as a tier 1 contractor for brownfield modifications and projects for Repsol-Sinopec Resources’ operated assets and terminal at Flotta. Petrofac provides engineering support services for the Flotta asset.
Repsol recorded a 9% slump in the second-quarter profits, weighed down by lower oil prices and a sharp contraction in refining margins. Recurring net profit corrected for one-off gains and inventory results dropped to 497 million euros, from 549 million euros in the corresponding quarter last year. However, Repsol’s 2Q earning results still exceeded analysts’ expectations, credits to the new production and growth in its chemicals business.
Joining a number of energy firms, Spanish energy company Repsol SA, yesterday, announced plans of laying off about 30% of its Canadian workforce as part of global restructuring. Repsol will intimate employees affected by the reorganization in the Canadian exploration and production and corporate units this week. While the firm refused to give an exact number of cuts, Repsol’s Canadian workforce stood at approximately 700 in 2018.
Louisiana-based LLOG Exploration has entered into an asset exchange and joint participation agreement with Repsol E&P USA. The agreement pertains to Gulf of Mexico, and will provide for drilling operations of a delineation well at Repsol’s Leon discovery and also cover for blocks in Keathley Canyon. Additionally, Repsol will purchase stakes in the LLOG-operated discovery Moccasin in Keathley Canyon.
Russian oil major, Repsol has entered into lease agreement with Greek oil firm, Hellenic Petroleum to conduct exploration activities together offshore Greece. The lease agreement will see the firms explore an offshore block in the Ionian Sea. Greece is looking forward to giving a major boost to its oil and gas sector with landmark discoveries in the eastern Mediterranean region.
Spain’s oil and gas producer, Repsol SA informed that the increase in oil prices supported the profit growth of the company. The improved profit has helped the company to reduce its debt burden. The stock of Repsol is up by 5.2% this year. In the third quarter, the net income of the company jumped to 588 million euros ($667 million) which was 528 million euros earlier this year.
BASF-owned Wintershall has received green light to go ahead with drilling operations at the Marisko Prospect in the Norwegian Sea. Wintershall will deploy Transocean Spitsbergen rig for carrying out the drilling process on the prospect. Operations at the prospect are expected to last 61 days. If a discovery is made, operations will continue for 93 days. Repsol, OMV and Equinor are stake holders of Marisko prospect where Wintershall is the operator.
A 20-year agreement has been signed between Venture Global LNG and Repsol SA. Under the scope of this agreement, Venture will supply 1 million tonnes p.a. of LNG to Repsol from the Calcasieu Pass LNG export facility. LNG will be bought by Repsol on a free on board (FOB) basis. According to Venture Global, the commercial operation date the 10 million tonnes per annum Calcasieu Pass is expected in 2022.
Spanish oil major, Repsol SA, is planning to raise its dividend over the following two years, betting the crude price would remain above $50/bbl. The scrip dividend in terms of stock, which is expected to reach 90 euro cents this year, will rise to 1 euro, in 2020. Repsol, which no longer seeks significant growth in its oil business, sold a stake in Spain’s Gas Natural, SDG SA, this year.
Iran has sold its first cargo of West Karoun crude to Spain’s Repsol. Iran exported 2.4 million bpd of crude oil last month, and 300,000 bpd of natural gas condensate. National Iranian Oil Co. has already circulated samples of the heavy oil to some customers. Production from the West Karoun oil fields has nearly doubled in the past year, convincing Repsol to agree to take up 500,000 barrels of oil.
The Madrid-based energy corporation, Repsol SA, will release a restructured business strategy a month from now that will point towards limiting oil and gas yield to current levels. Repsol is actively on the lookout to enter the renewable energy market. However, even if the company renounces growth in its hydrocarbon business, Repsol would still remain a major producer of oil and gas.
To help Repsol identify and evaluate new and existing opportunities more accurately, Emerson has signed a mutli-year contract with Repsol to provide its Paradigm E&P software suite across all its global exploration operations. Director of Exploration Petro-technical Services at Repsol, Agustin Diz.said that Implementing Emerson’s E&P software suite across their global exploration program will increase efficiencies, reduce costs and improve their understanding of the subsurface.
Maria Victoria Zingoni, Downstream Director of Spanish firm Repsol’s broke the news to a media house that Repsol will open 200 fuel stations in Mexico in 2018. Investing a total of 8 billion pesos the company envisions having a 10% market share in the energy market of the South American country.