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Economic Moat




Repsol Narrowly Avoids Reporting Another Loss During Third Quarter, Scrip Option Remains In Place

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Repsol narrowly avoided reporting another loss during the third quarter with adjusted net income of EUR 7 million compared with adjusted net income of EUR 522 million the year before. There were no material post-tax impairment charges in the third quarter. Repsol remains in sound financial shape despite tough refining headwinds. Net debt amounted to EUR 7.2 billion by the end of the third quarter, implying a net debt to capital ratio of 24.6% including leases, compared with EUR 7.8 billion the year before.

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Company Profile

Business Description

Repsol is a Spanish integrated oil and gas firm. In 2019, production was 709,000 barrels of oil equivalent a day (36% liquids), and proven reserves stood at 2.1 billion barrels of oil equivalent (29% oil). It also operates a downstream segment with refining capacity of 1.0 million barrels a day.

Mendez Alvaro, 44
Madrid, 28045, Spain
T +34 900100100
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 24,267