(News Bulletin 247) – The analysis office reiterates its advice to buy on the stock with an objective of 17.5 E. The group made a point of activity highlighting ‘better than expected indicators, on the first quarter’ according to UBS.
‘Repsol announced a better than expected quarter in the 1st quarter of 2023 with a change in its petrochemical margin indicator and the splitting of the Commercial and Renewables divisions’ indicates UBS.
The 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.
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.
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