Repsol tuning up
The Spanish major has tightened its belt, lifted its profitability and positioned itself to capitalise on an evolving market
In the headlong race to cut companies back to a size that sits comfortably with a world of $50 a barrel, Repsol chief executive Josu Jon Imaz is doing as well as anybody and possibly better than most. He's been at the helm for three and a half years and the latest six-month numbers show that, if anything, he's speeding up the process of reconfiguration. Under Imaz, the group has taken a more pessimistic view of the long-term outlook than many other companies and is being redesigned for a future of $40/b. The numbers tell the story. First-half net income was €1.056bn ($1.25bn), up 65% over the comparable period in 2016. Adjusted net income rose by 23% and ebitda by 29%. The once struggling up
Also in this section
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
14 May 2024
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region