Intermoney | After the close of the market on Wednesday, Repsol (REP) published the operating and economic figures from its trading statement for Q1’22. This is ahead of its results due on 28 April. We would highlight:
In Upstream: Production in Q1’22 of some 558.000bep/day, which means a 12.6% decline vs Q1’21 and a decrease of 0.6% vs Q4’21.
With respect to oil prices, there is a secuential rise in Brent of 28% vs Q1’21 to 102,2USD/bl (vs 79,8USD/bl in Q4’21). Also in West Texas, up 23% at 95,0USD/bl (vs 77,1USD/bl in Q4’21). In interannual terms, the increases exceed 60% (Brent +67,3% and West Texas +63,5% vs Q1’21).
The price of Henry Hub gas (5,0USD/MnBtu) has also recorded a strong rise compared with the figures from a year ago (+85.2%). That said, it has dropped 13.8% with respect to the 5,8USD reached in Q4’21.
The exchange rate was at 1,11USD/€, -7.5% vs 1,20USD/€ in Q1’21 and -2,6% vs 1,14USD/€ en Q1’21.
In Downstream: the refining margin in Spain has risen signficantly to 6,8USD/bl, up 54.5% vs the 4,4USD/bl in Q4’21; in Q1’21 it was practically zero (0,2USD/bl).
Valuation: positive. The production in Upstream has dropped in interannual terms, but remains almost stable secuentially. And, above all, there is a very significant rise both in the price of oil and in refining margins. Repsol will publish final results on 28 April.
