Repsol Weighs Merger of $19 Billion Upstream Unit With APA, Bloomberg News Reports

(Reuters) – Spain’s biggest refinery operator Repsol SA is considering a reverse merger of its upstream unit with potential partners, including U.S. energy producer APA, Bloomberg News reported on Thursday, citing people with knowledge of the matter.

APA shares were up 7.1% at $25.59.


Get the Latest US Focused Energy News Delivered to You! It’s FREE:


Repsol in 2022 entered into a deal to sell a 25% stake in the upstream division to private equity firm EIG Global Energy Partners, valuing the whole business around that time at $19 billion including debt.

The upstream unit has net hydrocarbon production of about 571,000 barrels of oil equivalent per day, according to the company website.

The report comes weeks after Repsol CEO Josu Jon Imaz said the upstream unit was being prepared for a liquidity event in 2026, which could mean an IPO or a reverse merger with a company listed in the U.S.

The Spanish company has held exploratory discussions with potential merger partners for the business, including APA, the Bloomberg report said.

An APA spokesperson declined Reuters request for comment, while Repsol did not immediately respond.

Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar and Shailesh Kuber

Share This:


More News Articles

 

  • Related Posts

    Top US Refiners See Profits Soar, Step Up Investor Rewards

    By Nicole Jao Top refiners post combined second-quarter profit of $12.6 billion Capital returns to shareholders hit $6.3 billion in second quarter TD Cowen sees Marathon and Valero each repurchasing…

    BofA to Plow $250 Billion Into Critical Infrastructure Projects

    By Paula Seligson and Katherine Doherty Bank of America Corp. unveiled a $250 billion initiative to invest in critical infrastructure across the US over the next year, joining its peers…

    Have You Seen?

    Iraq Hikes Oil Exports via Hormuz in Boon for Asian Refiners

    • September 3, 2026
    Iraq Hikes Oil Exports via Hormuz in Boon for Asian Refiners

    Hormuz Disruptions Could Drag Into Next Year, Japanese Tanker Giant Warns

    • September 3, 2026
    Hormuz Disruptions Could Drag Into Next Year, Japanese Tanker Giant Warns

    Russia Says Oil Output Drop Is Temporary as Refineries Restart

    • September 3, 2026
    Russia Says Oil Output Drop Is Temporary as Refineries Restart

    Norway Seizes Russian Cruise Ship to Enforce Naftogaz’s $4.22 Billion Claim

    • September 3, 2026
    Norway Seizes Russian Cruise Ship to Enforce Naftogaz’s $4.22 Billion Claim

    Suez Canal Economic Zone targets energy potential as Egypt–China ties strengthen

    • September 3, 2026
    Suez Canal Economic Zone targets energy potential as Egypt–China ties strengthen

    Brazil orange juice waste-to-biogas plant nears completion

    • September 3, 2026
    Brazil orange juice waste-to-biogas plant nears completion

    Chinese Refiners Pay Record Premiums for Russian ESPO Crude

    • September 3, 2026
    Chinese Refiners Pay Record Premiums for Russian ESPO Crude

    Europe’s Low Gas Stocks Set Stage for Winter LNG Battle

    • September 3, 2026
    Europe’s Low Gas Stocks Set Stage for Winter LNG Battle

    Global Refining Crunch Could Keep Fuel Prices High Into 2027

    • September 3, 2026
    Global Refining Crunch Could Keep Fuel Prices High Into 2027

    Stade FLNG to commission in November providing Germany supply boost

    • September 3, 2026
    Stade FLNG to commission in November providing Germany supply boost