Overview
- Bloomberg reports Repsol has held exploratory discussions with APA Corporation and other potential partners on a reverse merger for its exploration and production business.
- A deal would use Repsol’s U.S. subsidiary to absorb the upstream assets and combine with a U.S.-listed company to speed a New York listing.
- Repsol declined to comment on the talks, and there is no assurance deliberations will result in a transaction.
- The upstream unit was valued at about $19 billion in 2022 when EIG bought a 25% stake, a figure cited as a reference in current reporting.
- APA, the Houston-based producer formerly known as Apache, has most of its output in the U.S. and a market value reported around $8.6 billion.