Repsol YPF

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Type Public Limited Company
Traded as BNAD:REP
Founded 1986
Headquarters Madrid, Spain
Key people Antonio Brufau Niubó (Chairman and CEO)
Revenue US$96.87 billion (2011)[1]
Net Income US$2.84 billion (2011)[2]
Total assets US$88.78 billion (end 2011)[3]
Employees 33,454 (end 2011)[4]
Website www.repsol.com

Global Snapshot

Repsol is a Spanish integrated oil and gas company, operating in over 35 countries in the field of exploration, production, refining and marketing. It was formed in 1986 following the merger of various state-owned oil companies.[5]

Up until 2012 the majority of its assets are located in Spain and Argentina, as a result of its takeover of Argentinian firm YPF in 1999. However in April 2012 the Argentinian government passed a law to seize the assets of Repsol in Argentina. Repsol estimated its assets in the country were worth US $10.5 billion. Argentina rejected the valuation and later that year Repsol filed a complaint with the World Bank's arbitration body in Washington. For their part, the Argentinian government blamed Repsol for draining YPF of its resources since acquiring a controlling stake in the 1990s and not investing enough to cope with growing internal demand.[6]

In late 2012 Repsol was producing at a level of 339,000 barrels of oil equivalent (boe) per day globally.[7] and at the end of 2010 Repsol had proven reserves (excluding YPF) totalling 1.1 billion boe. These reserves were mainly located in Trinidad and Tobago (36%), 46% in other South American countries (Venezuela, Peru, Brazil, Ecuador etc.), 12% in North Africa (Algeria and Libya), 5% in the Gulf of Mexico and around 1% in Spain. The company portfolio was essentially exposed to Spain and Peru downstream, and South America and Africa upstream.[8]

In 2012 Repsol's Antonio Brufau was named "CEO of the year" at Platts Global Energy Awards for successfully directing the company's trajectory, especially after the expropriation of YPF.[9]

Company Report Highlights

Repsol's 2010 Annual Report[10] revealed a 201% increase in net income compared to 2009, up to US$6.23 billion. CEO Brufau attributes much of this success, achieved despite a challenging environment in 2010, to corporate transactions secured. The management saw the most significant of these as the alliance formed with Sinopec in Brazil. Recurring net income (relating to ongoing projects) saw a 55% rise on 2009 figures to US$3.13 billion.

Further highlights of 2010 include the opening of the Pampa Melchorita Liquified Natural Gas (LNG) plant in Peru and the investment in Repsol's Cartagena refinery, which aimed to double its capacity from 110,000-220,000 barrels per day (bpd) and become the largest industrial investment ever made in Spain. Repsol was involved in six new discoveries during 2010, which resulted from exploration activities in Venezuela (La Perla 2), Brazil, Sierra Leone and Colombia.

The financial results released for the Second Quarter of 2011 revealed a drop of 21.8% in reported earnings compared with the same period of 2010, and a 12.9% drop in upstream production. This was reportedly due to diminished production in Argentina following social unrest plus the suspension of production in Libya since 5 March.[11]

Transparency

EITI Supporter Status

Repsol YPF has been committed to the EITI initiative as a supporter company since 2003.[12] According the Repsol's Annual Report 2010, the company also participates in the group working to support Peru becoming a compliant country.[13]

UN Global Compact

Repsol has been a participant in the UN Global Compact since 2002.[14]

CSR Review

According to official Repsol documents, the following are highlights of CSR achievement made over the course of 2010:[15]

  • The Strategy: Investment and Corporate Responsibility Committee met three times to discuss issues of safety and the environment, among others.
  • The initiatives chose as priorities by the above Committee make up Repsol's Sustainability Plan, whose current version has a 2012 horizon. The Plan will be updated on an annual basis.
  • Worked to develop Corporate Reponsibility Committees in Spain, Argentina, Bolivia, Ecuador and Peru, which are due to hold their first meeting during 2011.
  • Worked to identify high-priority investors who incorporate sustainability considerations in their investment policies and criteria.
  • Gave a total of 186,982 training hours on Health and Safety in the Workplace, extending to 35% of the workforce.
  • Reduced CO2 emissions by 385,556 tons (Repsol's total reduction between 2006-2010 amounted to 1,612,819 tons, 65% of the 2005-2013 strategic objective).
  • Completed studies on carbon capture for five refineries in Spain, plus a feasibility study of the transport of CO2 in methane tankers.

External Coverage

  • 2011 press reports suggested the appearance of an internal dispute between Repsol's largest shareholders (a Mexican oil company and Spanish construction group) and the management under CEO-Chairman Brufau. This dispute appeared to be provoked by dividend payouts and resulted in comments that the company may be at risk of a takeover.[16]

Global Operations by Country

Colombia

Main article: Repsol Operations in Colombia

Libya

Main article: Repsol Operations in Libya

Iran

Main article: Repsol Operations in Iran

Egypt

Main article: Repsol Operations in Egypt

References

  1. "Repsol YPF" Forbes, 2012.
  2. "Repsol YPF" Forbes, 2012.
  3. "Repsol YPF" Forbes, 2012.
  4. "Repsol YPF" Forbes, 2012.
  5. "Repsol Broadens Its Horizons" Petroleum Economist, 9 July 2009.
  6. "Argentina: Repsol files YPF nationalisation complaint" BBC, 4 December 2012.
  7. "After nationalisation Repsol recovers while YPF struggles" Petroleum Economist, 12 November 2012.
  8. "Reserves and investments" Repsol, retrieved December 2011.
  9. "Antonio Brufau named CEO of the Year at Platts Global Energy Awards" Repsol, 30 November 2012.
  10. "Repsol Reports 2010" Repsol, retrieved 29 October 2011.
  11. 2Q11 Income Statement" Repsol, 28 July 2011.
  12. "Repsol YPF profile" EITI, retrieved 06 October 2011
  13. "Corporate Responsibility Report 2010" Repsol, retrieved 06 October 2011
  14. "Repsol YPF Profile" UN Global Compact, retrieved 06 October 2011
  15. "Corporate Responsibility" Repsol Reports 2010, retrieved 06 October 2011
  16. "Repsol at War with Itself" Petroleum Economist, 13 September 2011