Repsol: refining margin falls in Q1
(CercleFinance.com) - Repsol reported an 80% drop in its refining margin in the first quarter on Thursday evening, even though market conditions have been marked by a rise in oil prices.
In a statement released last night, the Spanish energy group said its refining margin in Spain had fallen to 0.2 dollar per barrel in the first three months of the year, compared with 1 dollar per barrel in the fourth quarter of 2020.
This compares with a margin of 4.7 dollars per barrel in the first quarter of last year.
Its hydrocarbon production nevertheless increased by 1.8% quarter-on-quarter to 639,000 barrels per day, performance that exceeds consensus target of 625,000 barrels per day.
On the Madrid stock exchange, Repsol shares were down 0.5% by mid-morning after the figures were released.
According to analysts at RBC, the implication of this publication is "neutral" in terms of earnings forecasts for the first quarter, with the disappointment in refining margins offset by the current strength of Brent crude prices.
Note that Brent crude is currently trading at around 62.7 dollars a barrel, a tad above the 61.1 dollar average on which Repsol based its Q1 accounts.
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In a statement released last night, the Spanish energy group said its refining margin in Spain had fallen to 0.2 dollar per barrel in the first three months of the year, compared with 1 dollar per barrel in the fourth quarter of 2020.
This compares with a margin of 4.7 dollars per barrel in the first quarter of last year.
Its hydrocarbon production nevertheless increased by 1.8% quarter-on-quarter to 639,000 barrels per day, performance that exceeds consensus target of 625,000 barrels per day.
On the Madrid stock exchange, Repsol shares were down 0.5% by mid-morning after the figures were released.
According to analysts at RBC, the implication of this publication is "neutral" in terms of earnings forecasts for the first quarter, with the disappointment in refining margins offset by the current strength of Brent crude prices.
Note that Brent crude is currently trading at around 62.7 dollars a barrel, a tad above the 61.1 dollar average on which Repsol based its Q1 accounts.
Copyright (c) 2021 CercleFinance.com. All rights reserved.