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Repsol: Moody's Lifts To Baa1

Worth Watching: 11 Dec 2018, 4:59 AM ET - Repsol (Baa1/BBB): Moody's has upgraded its rating on Repsol to Baa1 from Baa2, the outlook is stable. The upgrade reflects the company's credit metric improvement over the last two years, the resilience of its operations during times of volat ..

Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  
Focused

Repsol 3Q18: Best in Class Gearing Profile

Earnings Note: 31 Oct 2018, 10:12 PM ET - We are rolling our Market perform view on Repsol following a good set of 3Q18 results, which has seen it retain its Best in Class gearing profile. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Hybrids: Accounting For Change

Strategy Analysis: 05 Sep 2018, 9:35 PM ET - In our view accounting changes proposed in the recent IASB discussion paper, if they do eventually bring an accounting change, are unlikely to have a material impact on the hybrid asset class.
Focused

Repsol 1H18: Solid Upstream Momentum,Maintain M/P

Earnings Note: 26 Jul 2018, 2:12 PM ET - Repsol released a robust set of 2Q18 results, driven by its Upstream operations. The receipt of proceeds from the Naturgy sale saw net debt fall to €2.7 bn and gearing consequently reduce to only 8%, the lowest of its peer group.

Oil & Gas: Mega-mergers Lead the Way in 2Q18

Sector Analysis: 16 Jul 2018, 10:24 PM ET - Global Oil & Gas M&A activity hit $97 bn in 2Q18, rising $31 bn, or 73%, sequentially and posting the highest quarterly total since 1Q17.
Focused

Repsol: Strong 2Q18 Coming Up?

Worth Watching: 12 Jul 2018, 5:52 AM ET - Repsol (Baa2/BBB-/BBB) released a trading statement after markets closed yesterday, ahead of its full 2Q18 results on 26th July 2018. Although the Spanish O&G major provides a limited set of indicators at this juncture, the data points suggest a s ..

Oil Markets: OPEC Leaves 'Em Guessing

Sector Analysis: 26 Jun 2018, 4:26 AM ET - OPEC and its non-OPEC partners in cooperation, collectively, OPEC+, threw the market a curveball over the weekend by failing to come up with any clear and concrete plans to bring production back online.
Focused

Repsol: Playing To Its Strengths

Company Analysis: 07 Jun 2018, 9:46 PM ET - Repsol finally presented its updated strategic plan for the 2018 – 2020 period under the "growth and value creation in any scenario" heading. While we see it as appropriate the company also presented a set of encouraging targets.

Oil & Gas: Market Tightens, Raising Price Forecast

Sector Analysis: 30 May 2018, 5:34 AM ET - Oil has come off the boil in the past week as the Saudis and Russia look to help ease tightening oil market conditions. However, we expect conditions will remain tight nonetheless - raising price forecasts.
Focused

Repsol: 1Q18 Results Highlights

Earnings Note: 08 May 2018, 8:48 AM ET - Repsol released a healthy set of financial results on the back of strong upstream performance. Gearing was impacted by shareholder returns / working capital movements, but underlying cash generation remained good.

European Integrated Oil: FY17 Wrap & Recs. Update

Sector Analysis: 19 Apr 2018, 11:32 PM ET - In this sector piece we review the European Integrated O&G’s 2017 results, outlook and recommendation. More specifically we move Statoil to U/P from M/P, and BP to O/P from M/P.
Focused

Repsol: 1Q18 Op. Update & Analyst Lunch Notes

Company Analysis: 11 Apr 2018, 10:26 AM ET - Repsol released its 1Q18 trading statement highlighting an overall good quarterly operational performance. It also held an analyst lunch which we attended.
Focused

Repsol: New Year, New Tone

Earnings Note: 01 Mar 2018, 7:35 AM ET - Repsol wrapped up the year with a very healthy set of financial / operational results. Following the Gas Natural stake sale the company intends to unveil a new strategy primarily focused on mid/downstream gas businesses organic growth. 
Focused

Repsol: Sells 20% Of Gas Natural For €3.8 bn

Worth Watching: 22 Feb 2018, 5:39 AM ET - Repsol (Baa2/BBB/BBB): On the 22 February 2018 Repsol announced that it finally agreed to sell its remaining ~20% stake in Gas Natural SDG to CVC for €3.8 bn (€19 per share) and this will result in the company booking at €400 mn capital gain. C ..

Highlighting Hybrids: Calm After the Storm

Strategy Analysis: 15 Feb 2018, 9:34 PM ET - The high-beta sell-off since the start of February has helped push euro hybrid spreads significantly wider. In this piece we revisit our optimistic case for the asset class in light of the increased market volatility.

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