These were partially compensated by the connection of new wells in Marcellus (USA) and the acquisition of an additional 63 per cent of working interest in Eagle Ford (USA) in December 2019. This was primarily due to the stoppage of production in Libya, lower gas demand in Bolivia, Peru and Indonesia caused by Covid-19 as well as the shutdown of Akacias (Colombia), Chauvin (Canada) and the reduction of production in Duvernay (Canada) due to low prices, the Piedemonte license expiration (Colombia), maintenance programs and the natural decline of fields. Consequently, the company has liquidity of 9.762 billion euros, representing 2.43 times the short-term maturities. Thanks to the measures adopted as part of its Resilience Plan, which included additional reductions in operating costs, Repsol reduced its net debt during the last quarter to 3.987 billion euros. Repsol’s Upstream production reached an average of 640 kboe/d in the second quarter of 2020, 55 kboe/d lower year-on-year. For the 2Q 2020, Repsol booked a loss of about 2 billion euros compared to a profit of 525 million euros in 2Q 2019. The result was mainly due to impairments in the Upstream segment and the impact of the inventory effect. Spanish oil and gas company Repsol booked a loss in the second quarter of the year after being forced to re-evaluate its upstream assets due to the effects of the coronavirus pandemic and the low oil price environment. Repsol’s new average price deck for the period 2020 to 2050, in real terms of 2020, stands at 59.6 $/bbl Brent and 3.3 $/Mbtu Henry Hub. Furthermore, in light of this decrease and during a period of financial prudence, the company has reformulated its forecast for future crude and gas prices and adjusted the value of its Upstream assets which is reflected in special items results of -1.585 billion euros. Accordingly, the company’s net loss for the first half of the year stood at 2.484 billion euros. Repsol said on Thursday that the collapse in the prices of raw materials during the first half of the year affected the valuation of its inventories, with a negative effect of 1.088 billion euros. This is around 500 million euros less than that registered as of 31 March.
Submit StumbleUpon Share Share GiG lauds its ‘B2B makeover’ delivering Q2 growth August 11, 2020 Related Articles Mace launches EQ Connect to solve the industry’s ‘single view’ conundrum on identifying risk August 10, 2020 Unibet backs #GoRacingGreen as lead racing charity July 28, 2020 Presenting Q1 2017 results, Kindred Group CEO Henrik Tjärnström has stated his firm will move to become a UK market player following the acquisition of 32 Red Plc for £175 million (deal announced February 2017).Kindred’s leader was pleased to have secured his firm’s thirteenth online gambling brand, adding a further renowned asset to Kindred’s regulated market portfolio.Tjärnström told investors that 32 Red joins Kindred stables, at the strongest point in the firm’s history. Q1 2017 has seen the Stockholm-listed operator record ‘all-time highs’ in player activity of +1.2 million, combined with its sports betting division hitting the £1 billion wagering mark.Moving forward Kindred will have a triple brand presence in the UK, with 32 Red, Stan James and Unibet brands bringing diverse and attractive consumer propositions to a market valued at £4.5 billion with an estimated 22.5 million active customers (UKGC industry stats).Assessing 32 Red as an acquisition target, Tjärnström revealed that Kindred’s executive team viewed the company as a ‘complimentary asset’ for its UK portfolio which to date had been primarily driven by the sports betting services of Stan James (acquired 2015) and legacy brand Unibet.Kindred now gains a focused online casino property for the UK market, which will contribute to market growth immediately having reported full-year 2016 revenues of £62 million combined with an EBITDA of £10.6 million.Ending the update, Tjärnström stated that Kindred executives will push to make 32 Red cash effective asset by improving cost and operational synergies with existing corporate assets.