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Energy

Repsol YPF: Are the Russians Coming? (REP)

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By Douglas A. McIntyre Updated Published
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Oil_well_logo_2Repsol YPF (NYSE:REP) is one of the ten largest integrated oil companies in the world. It is based in Madrid, and owns substantial assets in South America. Repsol reported third quarter earnings yesterday, but that’s not the story.

Russia’s vice premier told a news conference yesterday that Gazprom, Russia’s natural gas monopoly, is considering buying a 20% stake in Repsol from Spanish construction company Sacyr Vallehermoso. Sacyr apparently needs cash and is likely to sell its piece of Repsol for about 5 billion euros, nearly 25% less than it paid just two years ago.

If Gazprom pulls the trigger on this deal it would be Russia’s firstforay into Spain. Russia supplies European Union countries with about25% of their natural gas. Germany, Italy, and the UK already haveallowed Gazprom to take ownership positions in gas distribution andother energy-related companies. If Gazprom does buy Sacyr’s stake, itwill become Repsol’s largest shareholder.

As for Repsol’s earnings, the company reported net earnings of 2.82billion euros (about $3.5 billion), an increase of about 13% from thesame period a year ago.

Paul Ausick
November 13, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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