The energy earthquake that Europe is experiencing is radically influencing the strategies of the main groups in the sector and the future of those responsible. Among them, that of one of the most relevant leaders of the last 25 years within the great Spanish company: Antonio Brufau (Mollerussa, Lleida, 1948). Chairman of Repsol since October 2004; Brufau announced in the last renewal of his position, May 2019, that he had started the last four years presiding over the Spanish oil company. However, the decision to abandon this position may be postponed depending on the situation in the sector. The first and prominent candidate to succeed Brufau is the CEO of the company, Joshua Jon Imazwho was appointed the company’s chief executive in May 2015. Since then, Brufau has adopted a more institutional position, but no less relevant, within Repsol.
The oil company reaches September providing the best stock performance among the Ibex 35 companies, which is suffering from a disastrous financial year. The company’s shares have appreciated by 37% to date, favored by the increase in the price of oil and the constant rumors about future business operations in which it may be the protagonist. Repsol is also executing a share buyback program throughout this year with the aim of increasing its earnings per share (EPS). Repsol’s share price has fluctuated greatly throughout Brufau’s presidency. From a maximum of 30.35 euros in July 2007 it went to a minimum of 5.23 euros in October 2020. Today it is around 13.7 euros. From being one of the five most capitalized Spanish companies fifteen years ago, it is struggling to return to being among the top ten.
The prominence of Antonio Brufau at Repsol begins on July 23, 1996, the date on which he is appointed director as representative of La Caixa. Brufau held the deputy general management of the Catalan savings bank, a position he shared with Isidro Fainé. La Caixa, which once held up to 15% of the oil company’s capital, gradually divested itself of all its shares until it had zero holdings in July 2019.
In July 1997, La Caixa also decided to propose Brufau as president of Gas Natural (today Naturgy). He replaces in that position Pere Duran Farell, the historic businessman who had the vision to design and undertake the gas pipeline between Algeria and Spain. Repsol was then a reference shareholder of Gas Natural, where it came to have 30% of the capital. It completely got rid of it in 2018. Today, Naturgy, heir to Gas Natural and in which the Caixa Foundation through Criteria retains 26.7%, is worth almost 7,000 million more than the oil company on the stock market. presides over it Francisco Reynes.
In 2004, also proposed by Caixa and with the approval of the new Zapatero government, Brufau replaced Alfonso Cortina, placed by the Aznar government, in the Repsol presidency. There Brufau had to undertake the divestment of the Argentine subsidiary YPF and defend himself against the claim of the construction company Sacyr, together with the Mexican group Pemex, of wanting to control Repsol in 2011. Justo Sacyr sold in June of this year the 2.9% that it remained in Repsol, although it maintains Manuel Manrique, its president, as a director.
It will be the Board of Directors of Repsol who, ultimately, decides who will succeed Brufau. The oil group today lacks reference shareholders. They are the large international fund managers who lead the shareholding: BlackRock, Norges Bank, Santander and Amundi, according to data provided by the company. Only 6.2% of the shareholders are Spanish. Brufau himself has 618,992 shares, valued at 8.3 million euros.
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“Right now, no one doubts that Josu Jon Imaz will be the successor,” sources familiar with the process affirm without hesitation. Imaz (Zumárraga, Guipúzcoa, 1963) signed for Repsol after having been president of its subsidiary Petronor. Before, he had an extensive career in politics at the hands of the PNV. There was speculation in the market that Repsol’s presidency could depend on new major operations. Among the pools was the possibility that Naturgy’s decision to divide its activities into two separate businesses – an operation baptized as Geminis – was the prelude to agreements between the large Spanish energy companies. As always, Iberdrola intervenes in the bets, whose courtships and breakups to join Repsol are historic.
The only sure thing is that the redesign of the energy map in Europe is unstoppable and the neo-interventionism of the EU anticipates the need to accelerate the transition of the sector that will force new business combinations. Repsol does not want to be left behind. And Brufau can continue to participate in them.