Repsol shares fell slightly on Wednesday in Madrid following the publication of mixed Q2 results.
The Spanish energy company reported yesterday evening that it produced 557,000 barrels of oil equivalent per day in the upstream segment during the quarter, compared with 540,000 in Q1.
This figure is higher than the market consensus of 547,000 barrels per day.
The refining margin calculated from its operations in Spain stood at $5.9 per barrel, compared with $5.3 in the previous quarter, a performance in line with analysts' forecasts.
However, capacity utilization for distilled products in Spain deteriorated to 74% from 83.4% in Q1, mainly due to the massive power outage at the end of April.
These figures were met with a mixed response from the financial community.
We expect consensus forecasts to be revised down by around 10% due to the additional costs associated with the blackout and the seasonal slump in gas trading, despite higher volumes, RBC says.
Meanwhile, Oddo BHF considers this activity level to be favorable given the improvement in refining margins and in the chemical sector, albeit offset by lower capacity utilisation, and solid upstream volumes, although counterbalanced by a contraction in oil prices.
On the Madrid Stock Exchange, the share price fell 0.6% in early trading on Wednesday, underperforming both the IBEX 35 index and the pan-European STOXX Europe 600 Oil & Gas sector index.
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Repsol S.A. is one of Spain's leading oil and gas companies. Net sales (before intra-group eliminations) break down by activity as follows:
- crude oil refining (56.7%; No. 1 in Spain): 41.3 million tons of crude oil refined and 46.2 million tons of petroleum products produced (gasoline, fuel oil, liquefied petroleum gas, bitumen, lubricants, biofuels, etc.) in 2025. In addition, Repsol S.A. is developing trading activities in lubricants, aviation fuels, bitumen and specialty products (7,811 Kt sold in 2025), liquefied petroleum gas (1,158 Kt sold) and petrochemicals (1.8 Mt of products sold);
- distribution of petroleum products (36.4%): operation, at the end of 2025, of a network of 4,430 service stations located in Spain (3,253), Portugal (533), Peru (477), and Mexico (167). The group is also developing electricity and natural gas distribution activities (8,568 GWh of electricity and 2,239 GWh of gas sold in 2025);
- oil and natural gas exploration and production (5.6%): 548,000 barrels of hydrocarbons produced per day in 2025;
- electricity production from renewable sources (1.4%): 11,584 GWh of electricity produced.
Net sales are distributed geographically as follows: Spain (59.4%), Portugal (5.6%), Europe (9.8%), Peru (7%), the United States (6.5%) and other (11.7%).
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