Repsol: refining margin drops in fourth quarter

(CercleFinance.com) - Spanish oil major Repsol released its main trading indicators for the fourth quarter after trading yesterday, prompting its shares to rise slightly on Wednesday morning in Madrid.


Repsol said fourth-quarter production fell to 628,000 barrels per day, versus 730,000 bpd in the same period of 2019, while the refining margin in Spain fell to just one dollar per barrel, down from 5.6 dollars a year ago.

"Refining margins remained weak," one analyst noted. "This is lower than we had anticipated at the third-quarter results," he added.

However, upstream results should improve, the analyst said, helped by higher oil prices and the return of production in Libya, as output volumes in the rest of the world remain broadly flat.

In early trading, Repsol shares were up 1%.

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