Repsol: higher refining margin in Q1

(CercleFinance.com) - Last night, Repsol reported a sequential increase in its Q1 refining margin compared Q4 2023, an announcement that was greeted by investors on the Madrid Stock Exchange on Thursday morning.


The energy group reports that its refining margin, calculated for Spain, averaged $11.4 per barrel over Q1, compared with $9 in Q4.

This figure exceeds the consensus, which expected a margin of around $10.3 per barrel for Q1.

Hydrocarbon production amounted to 590,000 barrels of oil equivalent per day, down 0.8% on the 595,000 barrels produced in Q4.

The utilization rate of Spanish refineries also fell, from 91.5% to 89.4% quarter-on-quarter.

In a reaction note, Barclays analysts nevertheless referred to a "good start to the year" for the Spanish company, leading them to raise their Q1 earnings estimate by 13% to about E1.15bn.

Meanwhile, RBC's teams decided to raise their forecast from E1.1bn to E1.26bn following this trading update.

Repsol is due to publish its full Q1 results on 25 April.

At around 10:30 a.m., the share was up 1.5%, compared with a 0.4% decline for the IBEX 35 index.


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