Repsol exits Gas Natural: what next for Spain's largest integrated player?

Repsol has agreed to sell its remaining interest in Gas Natural. The company was under no pressure to sell and now has one of the strongest balance sheets in the sector. Investors will now wait to find out what it will do with its increasing cash pile. Improved shareholder distributions seems the most likely in the near-term. There will also be choices to be made about the Upstream portfolio and what direction it is going. Could a wildcard option also be on the table?