Last night, Repsol reported an increase in its first-quarter refining margin compared with the fourth quarter of 2023, an announcement that was well received on the Madrid Stock Exchange on Thursday morning.

The energy group reports that its refining margin, calculated for Spain, averaged $11.4 per barrel over the first three months of the year, compared with $9 in the previous quarter.

This figure exceeds consensus forecasts, which were targeting a margin of around $10.3 per barrel for the first quarter.

Hydrocarbon production amounted to 590,000 barrels of oil equivalent per day, down 0.8% on the 595,000 barrels produced in the fourth quarter.000 barrels in the fourth quarter.

The utilization rate of Spanish refineries also fell, from 91.5% to 89.4% quarter-on-quarter.

In a reaction note, Barclays analysts nevertheless referred to a "good start to the year" for the Spanish company, leading them to raise their first-quarter net profit forecast by 13% to some 1.15 billion euros.

RBC's teams, for their part, decided to raise theirs from 1.1 to 1.26 billion euros following this business update.

Repsol plans to publish its full first-quarter results on April 25.

At around 10:30 a.m., the share was up 1.5%, compared with a 0.4% decline for the IBEX 35 index.

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