Repsol YPF) has asked Bank of America-Merrill Lynch to value its energy portfolio in the North Sea as it considers leaving a troubled joint venture with China's Sinopec , two banking sources said.
LONDON (Reuters) - Spain's Repsol has asked Bank of America-Merrill Lynch to value its energy portfolio in the North Sea as it considers leaving a troubled joint venture with China's Sinopec
Repsol Sinopec Resources UK was formed in 2015 as part of the Spanish producer's $8.3 billion (£6 billion) acquisition of Canadian oil and gas company Talisman Energy, which held the North Sea assets in a joint venture with Sinopec.
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China Petroleum & Chemical Corp) and its Canadian subsidiary Addax Petroleum had spent $1.5 billion for a 49 percent stake in the joint venture with Talisman, a sum they later said was too much.
A year after Repsol stepped in, Sinopec served the Spanish group with an arbitration notice, arguing Addax had overpaid for the assets back in 2012 and demanding around $5.5 billion in compensation.
Repsol has dismissed the claim as baseless. But the dispute has not been resolved and a ruling by an international arbitration court in Singapore is expected at the start of 2019.
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It is a tough sale because of the arbitration, but also the maturity of some of the fields, which could affect the valuation, one banking source said, adding that the dispute with Sinopec is one of the reasons that led Repsol to decide it wants to sell the portfolio.
Repsol has divested more than $5 billion in assets over the past two years to generate cash to help restart investment and refocus its portfolio. Earlier this month, it agreed to sell its 20 percent stake in Gas Natural to CVC Capital Partners for 3.82 billion euros (£3.3 billion).
The North Sea joint venture has interests in 52 oil fields, operating 41 of them, and has 12 offshore installations and two onshore terminals.
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After entering the venture three years ago, Repsol booked a $2 billion writedown on the UK North Sea assets because the portfolio was loss-making and had many mature fields with very high extraction costs.
It has since invested another $1 billion in the project, reduced the lifting cost and increased output. In 2017, the business was cash flow positive.
Oil output from the North Sea has more than halved since its peak of almost 3 million barrels a day at the turn of the century. Production has rebounded slightly in the past couple of years as new projects authorised before the 2015 oil price crash have come on stream.
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Projects ramping up from 2017 will make 2018 the best production year for the area since 2010, with oil and gas output expected at 1.9 million barrels per day, according to energy consultancy Wood Mackenzie.
$3.8 billion sale of assets to private-equity backed Chrysaor, as longstanding operators make way for a new generation of smaller firms focused on squeezing more profit out of old assets.
Tax breaks for companies operating in the UK North Sea, off the northeastern coast of Scotland, have attracted private equity backed buyers such as Neptune Energy and Siccar Point Energy to snap up unwanted assets from major energy producers.
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Britain is introducing tax changes in a bid to spur new investment in the ageing basin. Starting from November 2018, tax history for oil and gas fields will be transferable from seller to buyer, allowing buyers to benefit from larger tax reliefs when fields reach the end of their life and require dismantling, a process known as decommissioning.
Sinopec Shanghai Petrochemical Company Limited Announces Financial Services Framework Agreement with Sinopec Group for Term of One Year Expiring on 31 December 2023
Sinopec Shanghai Petrochemical Company Limited commences an Equity Buyback Plan for 1, 082, 381, 350 shares, representing 10% of its issued share capital, under the authorization approved on June 22, 2022.
Losail International Circuit, Doha, Qatar. 20th Mar, 2016. Commercial Bank Grand Prix Of Qatar. Marc Marquez (repsol Honda) On Grid. Credit: Action Plus Sports/alamy Live News Stock Photo
Sinopec Shanghai Petrochemical Company Limited (Shanghai Petrochemical) is a petrochemical company. The Company and its subsidiaries are principally engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company operates in five operating segments. The synthetic fibres segment produces polyester and acrylic fibers, which are used in the textile and apparel industries. The resins and plastics segment produces polyester chips, polyethylene resins and films, polypropylene resins and polyvinyl alcohol (PVA) granules. The intermediate petrochemicals segment produces p-xylene, benzene and ethylene oxide. The petroleum products segment is equipped with crude oil distillation facilities used to produce vacuum and atmospheric gas oils used as feedstock of the Company's downstream processing facilities. The trading of petrochemical products segment is engaged in importing and exporting of petrochemical products.Bank of America ha aflorado un 5, 359% en el capital de Repsol, con lo que se erige en su tercer mayor accionista por detrás de CaixaBank (9, 84%) y Sacyr (8, 2%) según los registros de la Comisión Nacional del Mercado de Valores (CNMV).
Del porcentaje de capital declarado por el banco estadounidense, un 1, 747% lo controla de forma directa y un 3, 612% a través de derivados financieros.
En cuanto a la cadena de control, el 5, 055% del total declarado está en manos de su filial Merrill Lynch International, un 1, 703% de modo directo y el 3, 352% por medio de derivados.
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El 3 de julio fue la fecha en la que Bank of America alcanzó el umbral del 5% de la energética que dirige Josu Jon Imaz, aunque no lo declaró a la CNMV hasta el día 9.
Además de CaixaBank, Sacyr y Bank of America, completan el núcleo estable de accionistas de Repsol la firma Blackrock, con un 5, 001% y el fondo de Singapur Temasek, con un 4, 953%.
Los titulares de un 86, 74% de los derechos de asignación gratuita para el cobro del dividendo flexible de Repsol (un total de 1.350.098.214 derechos) han optado por recibir nuevas acciones de la compañía, según informó la compañía a la CNMV.
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Se trata de un porcentaje récord desde que la compañía implantó el scrip dividend en 2012, frente al 63, 64% que supuso en julio de 2012, y refleja la confianza de los accionistas en la compañía y en su plan estratégico, según indicaron a Europa Press en fuentes del mercado.
En el nuevo plan estratégico de Repsol a 2020, presentado el pasado mes de junio, la compañía apuesta por la entrada en negocios 'limpios', un crecimiento más rentable en sus tradicionales negocios de 'upstream' (exploración y producción) y 'downstream' (refino, marketing y química) y una mejora de la retribución al accionista, hasta recuperar el dividendo de un euro por acción al final del periodo.Spain's Repsol has spent the past few years methodically rationalizing its portfolio to focus both its traditional hydrocarbon and transition businesses on countries where it has scale. This has meant exits from once-promising upstream positions in Ecuador, Malaysia, Greece, Vietnam and Russia — before the Ukraine conflict began. As a result, a whopping 86% of Repsol’s 2023 capital budget will be spent in OECD countries — a strategy that is sure to bring risks as well as rewards.
Repsol last year sold 25% of its renewables unit to a consortium of Credit Agricole Assurances and Energy Infrastructure Partners and 25% of its renewables unit to private equity firm EIG. The sales brought a combined $4.3 billion in proceeds but also the guarantee of continued investment from those strategic partners in the business units. This has allowed Repsol to increase its capital budget to €5 billion ($5.3 billion) for 2023, but its own share of the spending will be only €4.3 billion, roughly flat on 2022.
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Just under half of the total capex, or some €2.35 billion, will go to the upstream, where the company is looking to bring on about 70, 000 barrels of oil equivalent per day of new production through to 2030, keeping output roughly steady at just over 600, 000 boe/d. And more than 60% of the upstream budget will go toward projects in the US, where Repsol has quietly consolidated its positions in the Marcellus and Eagle Ford shale plays through buyouts of joint-venture partners and adjacent acreage.
The Spanish firm is meanwhile doubling the amount of capital it is allocating to renewables in 2023, with its Commercial and Renewables division taking 23% of the total capex budget, or €1.15 billion. Renewables spending will be split almost evenly between the US and Spain. “If you take Iberia and the States, you could see that the total figure of capex is above the 80%, 85% — 86% of our total capex, ” Repsol CEO Josu Jon Imaz told analysts on the company's fourth-quarter earnings call last week. Repsol’s Industrial unit will take the remaining 30% of the capex, or €1.5 billion, as the company continues to transition its fleet of five refineries in Spain to produce increasing amounts of both conventional oil products and biofuels, and integrate clean hydrogen.
This weighting toward developed economies will grow in the years ahead and looks unlikely to change anytime soon. Indeed, for the upstream business the US will be not only an operational focus but potentially home to a stock
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