Repsol: share falls as refining margin disappoints
(CercleFinance.com) - Repsol's share price fell by over 2% on Thursday morning on the Madrid Stock Exchange, after reporting a lower-than-expected refining margin for Q2.
Last night, the Spanish energy group released its main business indicators ahead of the publication of its quarterly results on 24 July.
According to these figures, refining margins were $6.3 per barrel in the April-June period, compared with $11.4 in Q1.
By way of comparison, the consensus was for refining margins of around $8.5.
We believe that this milestone suggests that consensus forecasts for the quarter are over-optimistic, particularly in refining, and anticipate a downward revision of market estimates following this publication, RBC analysts reacted.
Capacity utilization was also down, at 87.5% versus 89.3% for the first three months of the year, while hydrocarbon production remained broadly stable, at 589.000 barrels of oil equivalent per day.
This publication, which was snubbed by the market, comes on the heels of the disappointments already caused by the less than reassuring business reports from Shell, ExxonMobil and bp, promising a difficult earnings season for the oil sector.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Last night, the Spanish energy group released its main business indicators ahead of the publication of its quarterly results on 24 July.
According to these figures, refining margins were $6.3 per barrel in the April-June period, compared with $11.4 in Q1.
By way of comparison, the consensus was for refining margins of around $8.5.
We believe that this milestone suggests that consensus forecasts for the quarter are over-optimistic, particularly in refining, and anticipate a downward revision of market estimates following this publication, RBC analysts reacted.
Capacity utilization was also down, at 87.5% versus 89.3% for the first three months of the year, while hydrocarbon production remained broadly stable, at 589.000 barrels of oil equivalent per day.
This publication, which was snubbed by the market, comes on the heels of the disappointments already caused by the less than reassuring business reports from Shell, ExxonMobil and bp, promising a difficult earnings season for the oil sector.
Copyright (c) 2024 CercleFinance.com. All rights reserved.