Repsol Reports Mixed Results as Upstream Returns to Profitability and Margins Weigh on Downstream
Repsol benefited from its integrated business model reporting mixed fourth-quarter and full-year results as the company focuses on delivering operating efficiencies and synergies after its acquisition of Talisman nearly two years ago. The adjusted net income improved slightly by 4% to EUR 1.9 billion thanks to a return to profitability in the upstream segment offsetting a decline in the downstream and corporate business units. We plan to maintain our fair value estimate of EUR 12 and no-moat rat...Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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