Spain’s Repsol is rolling out a new organizational structure following the acquisition of Canadian oil company Talisman Energy that places Repsol as one of the world’s largest private oil companies.
Imaz. Image from Repsol.
The reorganization is to provide presence on every continent, reinforce the business units’ capabilities to increase efficiency and create value under the leadership of CEO Josu Jon Imaz, Repol said.
There will be three top-level committees created under Imaz, which include the corporate executive committee, the exploration and production (E&P) executive committee, and the downstream executive committee (refining, marketing, LPG, trading, and gas and power). Imaz will chair each level.
The corporate executive committee will be responsible for company-wide decisions and policies.
The E&P executive committee will be responsible for high-level decisions in the company’s exploration and production businesses and will include the unit’s Executive Managing Director Luis Cabra, the corporate executive managing directors that report to Imaz, and the executive directors of the geographical segments Repsol divided international business activity in.
Repsol completed the US$8.3 billion acquisition of Talisman on 7 May.
According to Talisman, under the arrangement, a wholly owned subsidiary of Repsol acquired all of the outstanding common shares of Talisman at a price of $8.00 per share and all of the outstanding preferred shares of Talisman at a price of $20.74 (representing $20.65 plus accrued and unpaid dividends) per share.
Repsol said the acquisition will transform the company into a bigger group, more balanced in terms of the composition and the geographical location of its assets, and with a better outlook for future development. The Repsol Group will noticeably increase its presence in OECD countries following the acquisition. Production will practically double, with assets on every continent.
In February, Talisman shareholders approved the takeover in an overwhelming vote of more than 99% of holders in favor.
In December 2014, Respol agreed to buy Talisman for $8.3 billion plus debt, amounting to the largest international deal by a Spanish company in five years.