What did Repsol CEO Josu Jon Imaz say about the timing of a potential U.S. listing for the company's upstream unit?

Repsol CEO Josu Jon Imaz stated that the company is 'in no rush' to list its oil and gas production unit in the United States, emphasizing that while the unit is technically ready 'to go to the American market', there would likely be a better time as upstream sector fundamentals are expected to improve further in the coming months; he clarified, 'We are comfortable in the current situation and we are not going to jump into a liquidity event in the short term.'

What is the current ownership structure and valuation context of Repsol's upstream unit, and what was agreed regarding a potential U.S. listing?

Repsol's upstream unit is jointly owned with U.S. private equity fund EIG, which holds a 25% stake; the 2022 transaction valuing the entire business at $19 billion—including debt—contemplated a potential U.S. listing from 2026 onward, subject to market conditions, and Imaz confirmed that Repsol and EIG 'are fully aligned on this view' of delaying the listing.

Repsol CEO Says No Rush to List Upstream Unit in US

Apr 30, 2026

Repsol's CEO confirmed delaying the U.S. listing of its upstream oil and gas unit until market conditions improve, pausing planned 2026 liquidity events. This strategic pause affects global assets including the Pikka project in Alaska and maintains alignment with partner EIG.

reuters

2026-04-30

Repsol CEO Says No Rush to List Upstream Unit in US

Repsol CEO Says No Rush to List Upstream Unit in US

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