Repsol : Q4 2019 results in line – dividend increase confirmed but at the expense of capex
>Adjusted net profit 3% below the consensus - Attributable net profit came to € 405m in Q2 2019, -22% q-o-q/-36% y-o-y, in line with our estimate and 3% below the consensus (ODDO BHF: € 406m; consensus: € 418m).Upstream: hefty provisions and production guidance lowered - Adjusted net profit in the upstream division came to € 186m, -15% q-o-q/-40% y-o-y, affected by high exploration costs (€ 212m vs € 10m in Q3 2019 and € 102m in Q4 2018) with four ex...Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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