REPSOL: TRADING STATEMENT AND 1Q’21 PREVIEW (ANÁLISIS BANCO SABADELL)
1Q’21 results Trading Statement with no surprises. BUYThe trading statement for 1Q’21 (results to be released on 29/04) shows operating trends with no surprises in crude oil prices (+38.2% vs. 4Q’20 to US$ 61.10/barrel, in line with our estimate of US$ 60/barrel in 2021) or in production (639 kboe, +1.8% vs. 4Q’20 and above the company’s guidance’21 of 625 kboe and our annual estimate of 625 kboe). The refining margin came in at US$ 0.20 (vs. US$ 1 in 4Q’20), a very negative figure and below the guidance’21 of US$ 3.50, although this was partly expected. Against this backdrop, we estimate € 356 M of Net Profit in 1Q’21 (-20% vs. 1Q’20 and -12% vs. 4Q’20) due especially to the Industrial division, given the poor refining margins, but it would be above the consensus estimate (€ 324 M) and in line with our estimate for FY2021 (€ 1.234 Bn).
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.
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