Spain's Repsol Energy to Sell Assets, Cut Spending
10/16/2015
MADRID (AP) — Spanish energy company Repsol said it will sell $7.1 billion in non-strategic assets and slash spending over the next five years as part of a plan to increase efficiency and cope with weak oil prices.
Repsol SA said Thursday its 2016-2020 strategic plan calls for spending to be cut 38% without altering the company’s profile. A drop in oil prices in recent months is forcing many energy companies to make significant adjustments.
The company said it intends to keep dividend payments stable even if crude prices remain at $50 per barrel. Repsol SA said Wednesday its net profit for the year will fall to between $1.42 billion and $1.7 billion, from $1.83 billion last year, due to lower prices and refining margins.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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