Repsol slips as US revokes its permit on Venezuelan oil
Shares of Repsol REP.MC slip 2.2% after the U.S. notified the Spanish oil company its licence to operate in Venezuela would be revoked
President Donald Trump's administration said on Saturday the U.S. would revoke authorisations of foreign partners of Venezuela's state oil company PDVSA to export Venezuelan oil and byproducts
Repsol confirmed on Monday U.S. authorities had said its licence would be revoked, but declined to give further comments
The news will have a limited impact on Repsol and will not put into question its current share buyback plan, Sabadell analysts say
"Repsol has been reducing its equity exposure to Venezuela in recent years, as well as its debt with PDVSA, ... and cash generation from Venezuelan production is very low," they add
The cash impact on Repsol should be around 5% of expected operating cash flow by 2025, brokerage Renta 4 says
French oil group Maurel et Prom MAUP.PA, which is much more exposed to Venezuela, also said its licence had been revoked, sending its shares falling 15%
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