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Repsol’s Q2 Earnings Boosted by Higher Prices; Management Lowers Production Guidance 2021

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Repsol’s second-quarter adjusted earnings increased to EUR 488 million compared with a net adjusted loss of EUR 258 million a year ago largely on higher oil and gas prices. It also made progress with its portfolio rationalization during the quarter to reduce its upstream footprint to less than 14 countries and reduced its production guidance for 2021 to 590-600 mboed compared with previous guidance of 625 mboed. The lower 2021 production target is largely due to upstream divestments of noncore regions, delayed projects, and the cessation of oil production in Spain.

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Company Profile

Business Description

Repsol is a Spanish integrated oil and gas firm. In 2020, production was 648,000 barrels of oil equivalent a day (33% liquids), and proven reserves stood at 1.9 billion barrels of oil equivalent (31% oil). It also operates a downstream segment with refining capacity of 1.0 million barrels a day.

Contact
Calle Mendez Alvaro, 44
Madrid, 28045, Spain
T +34 917538100
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 24,542