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Repsol: third-quarter production down 13.5%

(CercleFinance.com) - Spanish energy major Repsol said preliminary third-quarter production was 615,000 barrels per day (bpd), down 3.
8% versus the second quarter and down 13.5% year-on-year.

In a stunning twist, third-quarter refining margins in Spain turned negative, at -0.1 dollar per barrel, from three dollars per barrel in the second quarter and 5.5 dollars a year ago.

"For the first time on our records, the Spanish refining margin indicator fell into negative territory during the third quarter while Repsol's production levels across both the refining and upstream divisions came in below our forecast," analysts at Barclays commented.

"Repsol's trading statement confirmed to us that the third quarter is set to be yet another difficult reporting season for the integrated oil companies," they added.

Even so, Barclays noted that Repsol has "a number of exciting low-carbon growth initiatives" over the medium term.

Investors seemed to agree, as the Madrid-listed shares were up 1.6% in morning trading.

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