The development history of Repsol

Repsol was established in September 1987. In the 1980s, Spain was an emerging market country. The downstream and sales of the oil industry were uniformly managed by the state, and product prices were determined by the government. There are 2 upstream companies, 3 downstream companies, and 4 chemical companies in China. In 1987, a comprehensive company was formed after the merger of HispanOil, Empresa Nacional de Petroleo SA, Alcudia, Butano and the National Petroleum Institute. Integrated national oil company, Repsol S.A. Repsol Corporation is an integrated petroleum company operating a variety of petroleum businesses.

Due to long-term state protection, Repsol did not have strong competitiveness compared with international oil companies at the time. Moreover, the subordinate companies operate independently of each other and form a self-contained system, with no market awareness or customer awareness at all. In order to change this situation, the Spanish government decided to enhance Repsol's competitiveness through restructuring, privatization, and gradually introduce the competition mechanism of international companies in the domestic market to survive in the European market.

After nearly two years of restructuring work, Repsol was listed for the first time in the capital markets of Spain, the United States and the United Kingdom in May 1989, with a financing amount of US$1 billion. Afterwards, it raised funds 7 times in the capital market, totaling US$6.5 billion (including US$4.6 billion in equity capital and US$1.9 billion in bonds). At the same time, due to improved efficiency and enhanced competitiveness, its ability to create profits has been greatly strengthened, which is very optimistic about investors. This has caused the value of Repsol Capital to continue to rise, from US$4.3 billion when it was listed to nearly US$16 billion today, 10 It increased by 2.7 times during the year. Today Repsol's capital value ranks 11th among listed oil companies.

Before 1999, Repsol had six business departments/companies: exploration and development, refining and sales, chemicals, transportation, liquefied petroleum, and natural gas transportation. ***Form a three-level company structure: corporate center, various business departments, and strategic business units (business units are generally not companies, but cost or profit centers with independent internal accounting). The company center is a listed legal entity. The company's functions are financial planning, budgeting and control management, senior personnel management (mainly responsible for the recruitment, rotation, promotion, and salary management of 200 senior managers at three levels of the company), External relations, exclusive service management (management information systems, special services of engineering consultants, legal affairs, coordination, etc.) Each business department is generally a branch, and the branch's investment plan, annual budget, strategic plan, reserve acquisition strategy, etc. Requires approval from Corporate Center.

In 1998, the company had more than 200 subsidiaries, total assets of US$12.2 billion (1,606.6 billion pesetas), and a total of 18,727 employees. Its business scope included oil exploration, development, and production. , transportation, and the production and sale of refined oil and petrochemical products. Its business is managed through 5 main subsidiaries:

Repsol Exploracion operates exploration, development and production businesses with proven net reserves of 430.4 million, mainly in the Middle East, Colombia, the United Kingdom, Spain and Indonesia. Crude oil production in 1988 was 132,000 barrels per day (nearly 7 million tons per year).

Repsol Petrleo is Spain's largest refining company, accounting for approximately 42% of the local refining capacity. The company has 4 refineries with a combined annual refining capacity of 25 million tons.

CAMPSA is Spain's main petroleum products transportation company and retailer.

Repsol Qumica operates derivative petrochemical business and produced approximately 1.2 million tons of petrochemical products in 1988, accounting for approximately 40% of Spain's total petrochemical product production.

Repsol Butano conducts LPG promotions and is the exclusive wholesaler and only retailer of LPG in Spain.

In January 1999, Repsol decided to purchase a 15% stake in Argentina's national oil company YPF. In June of the same year, Repsol acquired another 293.84 million shares of Argentine Petroleum Company (YPF, the same below) at the cost of paying US$13 billion and assuming US$3 billion in debt, accounting for 83.24% of YPF's shares. After this acquisition, Repsol will hold 346.755 million shares of YPF, accounting for 98.2% of all YPF shares, completing its control of YPF.

In April 2012, the Argentine government announced that it would renationalize YPF and the government would regain its shares in YPF51. The incident triggered a fierce diplomatic conflict between the governments of Argentina and Spain.