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Repsol: stock up on fine refining margins

( - Repsol shares are up in Madrid on Wednesday, after it announced growth in its Q4 refining margins, which more than offset announced decline in production.

Last night the Spanish energy group said that its refining margin, a key measure of profitability, rose to 18.9 dollars in Q4, from 12.7 dollars in Q3 and 4.4 dollars a year earlier.

By comparison, RBC was expecting a margin of around 18 dollars per barrel.

The oil company's total production fell to 551,000 barrels of oil equivalent per day (boe) from 561,000 barrels in Q4 2021, also below RBC's expected production of around 560,000 barrels in Q4.

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