Repsol: buys Equinor stake in US onshore asset
(CercleFinance.com) - Spanish oil company Repsol has bought the 63% stake that its partner Equinor held in Eagle Ford, an onshore asset located in Texas, for 325 million dollars.
Through this deal, Repsol will gain control of 100% of the asset and become the operator.
The increased stake will enable improvements in operations and synergies, and progress in strategic goals, profitable growth and increased returns, the Spanish company said.
"Repsol believes that it can drive further operational optimisation once it becomes the operator of these assets, a hypothesis that is yet to be proven," analysts at Berenberg said.
However, the German broker thinks that the acquisition is small and will not change Repsol's investment case.
The Repsol share was down 0.8% in Madrid.
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