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Bloomberg: Repsol to end pursuit of oil growth amid energy transition

Published 05/16/2018, 11:55 AM
© Reuters.  Bloomberg: Repsol to end pursuit of oil growth amid energy transition
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  • Repsol (MC:REP) (OTCQX:REPYF, OTCQX:REPYY) will no longer seek growth for its oil and gas business, as it prepares for a global transition to cleaner energy, Bloomberg reports.
  • Repsol will unveil an updated business plan next month that limits oil and gas production to current levels and ensures it keeps no more than about eight years of reserves on its books, which would be a shorter reserve life than most of its peers, according to the report.
  • Repsol would remain a major producer of oil and gas, as Q1 output totaled 727K boe/day - the most since 2012 - with gas accounting for 63% of the total; the company continues to explore for new fields in order to replenish reserves, replacing 93% of 2017 production and 124% of 2016 output.
  • Now read: Controversial Monthly Payer Yields 11%, Big Q4 '17 Earnings, Goes Ex This Week


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