MADRID (dpa-AFX) - Spanish integrated energy company Repsol S.A. (REPYY.PK) announced plans to cut 1,500 jobs or 6 percent of its global workforce over the next three years, according to several media reports including the Wall Street Journal.
The move is part of the company's cost-cutting drive following the completion of its $8.3 billion acquisition of Canadian rival Talisman Energy Inc.
The company also exceeded 1.0 billion euros in disinvestments of non-strategic assets recently after the acquisition of Talisman.
With the acquisition of Talisman, Repsol achieved a significant increase in production and the quantity and quality of its assets, and started a program to optimize its portfolio.
Repsol agreed to sell part of its piped gas business for 651.5 million euros and also 10 percent stake it held in Compañía Logística de Hidrocarburos or CLH to investment company Ardian for 325 million euros.
Like other oil companies, Repsol has been hurt by a sharp slump in oil and natural gas prices over the past year. Most of the companies are currently scrambling to cut costs.
Copyright RTT News/dpa-AFX