Nov 14, 2025
3 min read
Repsol is analyzing a merger operation of its exploration and production unit ('Upstream') with the American Energy Company ANA Corp.
A leading Spanish oil company is in talks with US company APA about a reverse merger of its classic operations, allowing it to obtain a US listing through express transactions.
Repsol is analyzing a merger of its exploration and production unit ('Upstream') with the American energy company APA CORP. This technical step is overshadowed by a financial objective.
Repsol will merge with APA, and since this group is already listed on the New York Stock Exchange, the resulting group will be automatically listed on this market with the same signature method.It can avoid the long and bureaucratic mechanisms of preparing the IPO of the subsidiary market in the supply market.
The operation would be worth about 19,000 million dollars (16,500 million euros), according to Bloomberg.At the moment, Repsol Repbol Talks thick with APA, formerly known as Apache Corp., about the possibility of an agreement.However, the market also thinks that there are other candidates for the return and dependence to sweep the support of 'rising and more to strengthen this support.
Repol has accepted many months that have analyzed all kinds of signals to raise the markets, i.e.
Part of the agreement for this project is the hope to list the subsidiary in 2026 on the New York stock exchange.The US still only has interest in oil companies, unlike Europe, which focuses on renewable energy.And even more so Donald Trump, the powerful Guardian of hydrocarbons, is at the head of the US Administration.
Always above 51%
Although the market has always thought of a classic operation, through the placement of shares (IPO or OPS), Joso John Imaz, CEO of Repsol, has emphasized on several occasions that other options are not excluded.
Besides a "reverse grab" or reverse mreiler, another option is to sell one or more assets directly.Repsol will always keep 51%.When Reysol sold 25% to EIG, the subsidiary was valued at 20 billion euros.Now this value will be significantly higher in relation to your subsidiary's progress.
Preparing to receive
Repsol continues to adjust the subsidiary's assets to clean them of the least interesting or least productive and be ready for the moment to put them on the market.Imaz calls it a "liquidity event."
In addition, it increased its value by launching the largest projects, such as Alaska oil, and by refinancing entire subsidiaries while issuing historical bonds.
In September, it issued a triple bond offering of $200.1 million (2,130,000 euros) in the US market.This is a record of the client's subsidiary and group records.
The issue required a maximum demand of 6.9 times the amount offered in the order book, "showing solid support for the REPSOL E & P strategy."Not only that.This issue serves to put the market's finger on the pulse of Repsol's plans for its subsidiaries.This issue has positioned financial professionals to launch at a better price than they would have without the bond.
Repsol Research and Share production produced 551,000 soft barrels of oil per day in the third quarter.It works in countries such as Brazil, America and Mexico.
Houston-based APA sources most of its total production from the United States, primarily from the Permian Basin (between Texas and New Mexico) and the Gulf of Mexico; its international portfolio comes from natural gas growth.
Oil represents 51% of APA's total production, with a third coming from natural gas and the rest from natural gas liquids.
The company is one of many operators that have cut costs and reduced staff to achieve greater efficiency as they take advantage of the best deposits in the Permian Basin, the world's most productive shale region.
Oil operators in the United States have also begun a wave of consolidation in recent years to gain size and take advantage of scarce resources in hydrocarbon projects that are difficult to find and put into production, such as shale fields (known as 'fracking').
19 billion against 9 billion
Josu Jon Isaz, the head of Beriograf's violent energy, has repeated for more than a year that the company will wait for the Hilibar package.It is he, in the way of 'finger Serihis', has called "laxity".This is a way to answer the question that studies the study of well-researched 'about his son, specifically to honor the Repair and the production of food and the production of konvita and the production of konvita.
In 2022, Repsol made a major strategic move when it announced an agreement with the EIG fund to sell 25% of this subsidiary.The deal was able to add value to assets that at the time were considered to be in decline.The operation was valued at $4.8 billion (more than €4.83 billion), including debt.100% is worth about $19 billion, in line with what the most optimistic analysts expected.
Repsol itself set a minimum starting point of 4.5 billion euros for the sale of its 25% upon opening the process.It was one of the biggest corporate deals of that year in Spain.The deal contemplated listing the division from 2026, so EIG could exit.The problem is finding a company.APA was worth $9 billion on the stock market yesterday.
