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Repsol's First-Quarter Earnings Improvement Muted by Poor Refining Performance

Allen Good, CFA Sector Strategist

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.

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Company Profile

Business Description

Repsol is a Spanish integrated oil and gas firm. In 2020, production was 648,000 barrels of oil equivalent a day (33% liquids), and proven reserves stood at 1.9 billion barrels of oil equivalent (31% oil). It also operates a downstream segment with refining capacity of 1.0 million barrels a day.

Calle Mendez Alvaro, 44
Madrid, 28045, Spain
T +34 917538100
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 23,739