Last night, Repsol reported an increase in its first-quarter refining margin compared with the fourth quarter of 2023, an announcement that was well received 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 the first three months of the year, compared with $9 in the previous quarter.
This figure exceeds consensus forecasts, which were targeting a margin of around $10.3 per barrel for the first quarter.
Hydrocarbon production amounted to 590,000 barrels of oil equivalent per day, down 0.8% on the 595,000 barrels produced in the fourth quarter.000 barrels in the fourth quarter.
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 first-quarter net profit forecast by 13% to some 1.15 billion euros.
RBC's teams, for their part, decided to raise theirs from 1.1 to 1.26 billion euros following this business update.
Repsol plans to publish its full first-quarter results on April 25.
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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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. 
