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Fitch: Venezuela Risk Already Factored into European Oil Ratings

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11/23/2017 | 01:29pm CET

Venezuela's financial and political problems should not affect the credit ratings of any European oil and gas companies operating in the country, Fitch Ratings says.

Repsol, Eni, Total and Shell all have exposure to Venezuela, mainly via joint ventures. Cash flows from Venezuelan operations should be received via dividends from these joint ventures, but the situation in the country means our ratings already assume that no dividends will be received over the rating horizon. Recovering the capex spent in the past few years may also not be possible in the medium term.

Repsol has the largest presence in Venezuela, with 10% of its total oil and gas production located in the country. We understand that oil and gas production is currently continuing as normal in Venezuela, but even a negative scenario of a production shutdown would be unlikely to affect Repsol's 'BBB'/Stable rating because it would not increase our expectation for the company's FFO-adjusted net leverage, while its business profile would remain strong for the 'BBB' rating category

Repsol also has financial exposure totalling USD2.5 billion, including a loan receivable converted from dividends, receivables from Petroleos de Venezuela (PDVSA) linked to the Cardon IV JV, and capex already spent for fields under development. A potential write-off of those assets would not affect the company's key leverage metrics.

Eni's production in Venezuela accounted for 3% of the company's output in 2016. As of end-June 2017, Eni estimated receivables and loans due from Venezuelan entities at EUR1.3 billion. Total's production in Venezuela accounted for 2% of its output in 2016 (mainly related to equity affiliates), and Shell's exposure is even less material than Eni and Total's.

Venezuela, a member of OPEC, has the world's largest proven reserves and is South America's largest oil exporter. It is also the third-largest source of imported oil to the US. We downgraded Venezuela's Long-Term Foreign Currency IDR to 'RD' earlier this month after bondholders did not receive overdue interest payments, We also recently downgraded state-owned oil company PDVSA to RD after processing delays resulted in bondholders receiving principal payments up to one week after the due date.


Jakub Zasada



+48 22 338 6295

Fitch Polska SA

Krolewska 16

00-103, Warsaw

Myriam Affri

Senior Director


+44 20 3530 1919

Simon Kennedy

Senior Analyst

Fitch Wire

+44 20 3530 1387

Media Relations: Adrian Simpson, London, Tel: +44 203 530 1010, Email: [email protected]

The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings.

(C) 2017 Electronic News Publishing, source ENP Newswire

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Financials ($)
Sales 2017 289 B
EBIT 2017 21 677 M
Net income 2017 14 222 M
Debt 2017 61 345 M
Yield 2017 5,91%
P/E ratio 2017 16,50
P/E ratio 2018 15,15
EV / Sales 2017 1,11x
EV / Sales 2018 1,03x
Capitalization 258 B
Duration : Period :
Royal Dutch Shell Technical Analysis Chart | RDSA | GB00B03MLX29 | 4-Traders
Technical analysis trends ROYAL DUTCH SHELL
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 32,4 $
Spread / Average Target 4,1%
EPS Revisions
Ben van Beurden Chief Executive Officer & Executive Director
Charles O. Holliday Chairman
Jessica Uhl Chief Financial Officer
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
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1st jan.Capitalization (M$)
TOTAL-2.98%140 163
STATOIL5.11%67 153
ENI-10.34%59 813