Repsol SA

REP: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Repsol Earnings: Performance Ahead of Expectations, but Weak Refining Environment Weighs on Outlook

Allen Good

Oct 31, 2024

No-moat Repsol's third-quarter earnings of EUR 588 million came in ahead of expectations, but significantly below EUR 1.1 billion year on year, mainly due to lower refining margins, lower oil prices and lower hydrocarbon production. Operating cash flow grew to EUR 1.5 billion from EUR 1.3 billion the year before, as poor top-line performance was offset by working capital accretive contribution.

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Repsol SA

Repsol Earnings: Performance Ahead of Expectations, but Weak Refining Environment Weighs on Outlook

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