Last night, Repsol reported a better-than-expected fourth-quarter refining margin, an announcement welcomed by analysts and investors on the Madrid stock exchange on Thursday.
In a business update, the Spanish energy group said it had generated a refining margin of nine dollars per barrel on its industrial activities in Spain, a figure down 52% year-on-year.
But this performance far outstripped the market consensus, which was targeting a margin of around 8.5% for Spanish refineries in the last quarter of the year.
For RBC analysts, this positive surprise points to "solid" results in the downstream segment for the fourth quarter, leading them to maintain their forecasts unchanged.
In the upstream segment, Repsol also reported total production of 595,000 barrels of oil equivalent per day, a figure broadly in line with professional expectations.
At around 10:30 a.m., Repsol shares were up 0.7%, while the index of European oil stocks was down 0.1%.
However, the share price is still down over 13% year-on-year, compared with a decline of just 4% for the sector index.
The group is due to hold a much-anticipated strategy meeting on February 22 at its Madrid campus.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Repsol S.A. is one of the largest oil and gas groups in Spain. The activity is organized into four sectors:
- refining and distribution (No. 1 in Spain): 42.1 million tons of crude oil refined in 2022 and 25.5 million tons of oil products sold (kerosene, gasoline, fuel oil, gas liquefied petroleum gas, etc.). At the end of 2022, the group operated 6 refineries located in Spain (5) and Peru and a network of 4,651 service stations located in Spain (3,304), Peru (567), Portugal (515) and Mexico (265). Repsol S.A. also sells lubricants, aviation fuels, bitumen and specialty products (7,261 Kt sold in 2022), liquefied petroleum gas (1,207 Kt sold) and petrochemicals (2.5 Mt of products sold);
- production of electricity and distribution of natural gas: 8,734 Gwh of electricity generated from renewables energy and 1,650 Gwh of gas sold in 2022;
- liquefaction, transportation and regasification of natural gas;
- exploration and production of oil and natural gas: 550,000 barrels of hydrocarbons produced per day in 2022.
Net sales are distributed geographically as follows: Spain (57.9%), Peru (7.2%), the United States (5.7%), Portugal (4.6%), and other (24.6%).
REPSOL S.A. 
