Repsol's five-year plan includes divestments, capex cut.

摘要

The Spanish energy firm announced that it plans to increase assets sales and reduce investments as part of its 2016-2020 strategic plan. Repsol said the decision to boost divestments while lowering capex is a strategy to help the company protect its dividend and investment grade rating, which was recently downgraded by Standard and Poor's to BBB-/A-3, in the face of reduced crude prices. Repsol says that it is planning to sell ?6.2B ($7.1B) in assets by 2020, with both E&P and refining assets likely to be sold. The company is also expected to reduce its workforce by 6% (1.5K employees).