Repsol: share up despite disappointing trading update

(CercleFinance.com) - Repsol shares are up slightly in Madrid on Friday, with actually lower-than-expected quarterly indicators published by the Spanish energy group failing to scare investors.


Repsol announced last night that its hydrocarbon production had fallen by 14% to 530,000 barrels per day in the third quarter, compared with 616,000 barrels last year at the same time (consensus of around 560,000 barrels).

Meanwhile, refining margins rose to 3.2 dollars per barrel, up from just 10 cents per barrel a year ago, although this was also below market expectations of 3.7 dollars per barrel.

At noon, Repsol shares were still up 0.3%, although was underperforming the index of European oil stocks (+0.9%).

Buoyed by the spectacular rise in oil prices in recent months, the share is still up nearly 40% since the start of the year, compared with a 19% gain for the sector index.



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