Unlike BP, Shell, or Exxon, Repsol’s refining margin improves in 4Q24 to $4.8/b

Repsol novedad

Norbolsa | Repsol (REP) published its trading statement for 4Q24 on Wednesday at the close of the market. The production figure for Q4 (554 k b/d) was similar to that of Q324 and 7% lower than in Q422, with the maintenance of Brazil being offset by higher production in Libya. On a yearly basis, production stood at 571 k b/d, at the lower end of its target range for the year.

As for the refining margin, it improved in Q4 compared to Q3, $4.8/b varsus $4 in the previous quarter, with an average for the year of $6.6/b, above its latest guidance for the year, $6/b. The chemical margin indicator on the other hand worsens compared to the previous quarter, 153 €/t versus 213 in Q3.

Thus, compared to several competitors (BP, Shell, Exxon) that have shown their caution on refining margins for Q4, we highlight the improvement of this indicator (which we have also seen in TotalEnergies), although like the rest of the sector in its Q4 results it will be affected by lower brent prices (down 7% versus Q3), compensated in the case of Repsol by a better Henry Hub (up 27% versus Q3). Repsol publishes its results on 20 February.

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