Repsol: quarterly production below expectations

(CercleFinance.com) - Repsol announced lower-than-expected hydrocarbon production for the second quarter on Thursday, an announcement that led to its share price falling by over 2% in Madrid.


Repsol's production over the quarter fell by 12% to 562,000 barrels per day, well below the consensus and the group's own forecast of 625,000 barrels.

Its refining margin - a key measure of oil company profitability - increased to 1.5 dollar per barrel, which came as a welcome improvement for analysts, even though the group's margin remains very low.

At around 11:45, Repsol shares were down 2.4%, underperforming European oil stocks, which were down 1.4%.

However, the share is still up by over 18% YTD, significantly outperforming a rise of just 7% for the STOXX Europe 600 Oil & Gas index.



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