Repsol: stock up slightly after quarter beats estimates
(CercleFinance.com) - On Tuesday Spanish oil group Repsol reported Q1 profit that more than doubled, on the back of a surge in crude oil prices following Russia's invasion of Ukraine.
Repsol's Q1 net profit reached nearly 1.4 billion euros, well above the 648 million euros a year earlier, a figure that was still affected by the consequences of the pandemic.
At 1.1 billion euros, adjusted net profit exceeded the consensus of around 1 billion euros.
Although its hydrocarbon production fell to 558,000 barrels per day, this decline was more than offset by the surge in the price of Brent crude oil, which averaged 102.2 dollars in Q1 compared with 61 dollars a year ago.
Repsol also highlighted the good performance of its exploration and production (E&P) activities, thanks to the priority it now gives to its most profitable projects, rather than the largest ones.
Net debt totalled nearly 5.9 billion euros at 31 March, up from 5.7 billion euros at end-2021.
On the strength of these results, Repsol said it would increase its annual dividend by 5%, to 0.63 euro, and carry out a capital reduction program through the acquisition of shares.
At around 11am, Repsol shares were up 0.3%, underperforming the European oil index (+2.5%). However, the share has risen by more than 35% YTD, double the sector index's gain of 17%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
Repsol's Q1 net profit reached nearly 1.4 billion euros, well above the 648 million euros a year earlier, a figure that was still affected by the consequences of the pandemic.
At 1.1 billion euros, adjusted net profit exceeded the consensus of around 1 billion euros.
Although its hydrocarbon production fell to 558,000 barrels per day, this decline was more than offset by the surge in the price of Brent crude oil, which averaged 102.2 dollars in Q1 compared with 61 dollars a year ago.
Repsol also highlighted the good performance of its exploration and production (E&P) activities, thanks to the priority it now gives to its most profitable projects, rather than the largest ones.
Net debt totalled nearly 5.9 billion euros at 31 March, up from 5.7 billion euros at end-2021.
On the strength of these results, Repsol said it would increase its annual dividend by 5%, to 0.63 euro, and carry out a capital reduction program through the acquisition of shares.
At around 11am, Repsol shares were up 0.3%, underperforming the European oil index (+2.5%). However, the share has risen by more than 35% YTD, double the sector index's gain of 17%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.