Analyst Note| Allen Good, CFA |
Repsol's first-quarter adjusted earnings increased to EUR 471 million compared with EUR 447 million a year ago largely on higher oil and gas prices. Operating cash flow improved to EUR 1.0 billion during the first quarter compared with EUR 596 million the year before, which more than covered capital spending and dividends. Capital spending in the first quarter amounted to EUR 501 million, of which 40% was dedicated to low-carbon technologies. Full-year capital spending is expected to reach EUR 2.6 billion in 2021.