(News Bulletin 247) – Repsol rose on the stock market on Wednesday following the publication of an activity report highlighting performance indicators in line, or even better than expected, for the first quarter.
Spain’s leading oil group announced last night that its refining margin, a key measure of profitability, had more than doubled year-on-year to $15.6 per barrel in the first three months of 2023 .
Its total hydrocarbon production increased by 9% to 608,000 barrels of oil equivalent per day, mainly as a result of its activities in North America.
The consensus was, for comparison, a production of 592,000 barrels in the quarter.
RBC analysts describe these figures as ‘resilient’ on the downstream side and ‘favourable’ on the upstream side.
“We believe that this point of activity suggests that the estimates established by the market for the first quarter could prove to be a little cautious”, underlines the Canadian broker in a note of reaction.
According to him, the consensus forecasts are therefore likely to be revised upwards pending the publication, on April 27, of the energy company’s first quarter results.
Around 9:20 a.m., the Repsol title advanced by 0.1% while the index grouping European oil stocks took at the same time 0.3%.
The action remains however down 5% since the beginning of the year, against a small gain of 0.4% for the sector index.
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