REPSOL: TRADING STATEMENT AND 2Q’21 PREVIEW (ANÁLISIS BANCO SABADELL)
Trading statement. We expect similar 2Q’21 Results to those seen in the 1Q’21. BUY.The 2Q’21 trading statement showed unsurprising operating variables in crude oil prices (+12.9% vs. 1Q’21 up to US$ 69.00/barrel) but surprises in output with a -11.9% drop vs. 1Q’21 to 562 kboe (below REP’s 2021 guidance of 625 kboe, which was in line with our estimates). The refining margin climbed, as expected, to US$ 1.50 (vs. US$ 0.20 in the 1Q’21), below REP’s 2021 guidance of US$ 2.00 and US$ 1.50 BS(e). The company will release is 2Q’21 Results on 27/07 and after this trading statement, we keep our € 445 M Net Profit estimate in the 2Q’21 (in line with the consensus and above € -258 M seen in 2Q’20). The 2Q’21 Results will benefit from the rally in crude oil and prices that offset the lower output, leaving positive figures in Upstream and with the chemical business offsetting the low refining margins of the Industrial division. The risk of a ~-10% cut in adjusted EBIT by the market consensus remains present in 2021 if production does not increase and crude oil prices stand below current levels.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.