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Repsol aims to sell €6.2 billion of assets by 2020

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/10/2015 (15:33)
According to a press release on the company’s website, Spain’s Repsol reported in its strategic plan for the period of 2016-2020 that it aims to sell off €6.2 billion ($7.1 billion) of its assets by 2020 as well as cutting investments by 38% over the next five years in order to protect dividends against plunging crude oil prices.

Through the sell-off of the proposed assets, the company will increase its earnings before interest, taxes, depreciation and amortization (EBITDA) by 46% to €7.9 billion ($9.03 billion) over the next five-year period. The company also plans to reduce its capital expenditure in exploration and production by around 40 percent by 2020 to around €3.58 billion (4.1 billion) from last year’s €5.86 billion ($6.7 billion).

Repsol also said that its upstream production increased to 651,000 barrels per day (bpd) thanks to its acquisition of Talisman Energy; however the company may be unable to maintain the growth in production due to their latest decision to cut spending. Over the long term, the company’s production could reach 700,000 to 750,000 bpd compared with its earlier 1 million bpd without cost-cutting and disposals.
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