REPSOL: TRADING STATEMENT 3T’23 (ANÁLISIS BANCO SABADELL)
Buen trading statement 3T’23 por la mejora del margen de refino. COMPRARComo esperado, el margen de refino se recupera (hasta 13,5 d vs 6,4 d en 2T’23) y deja la puerta abierta a revisión al alza del guidance anual (en 9d vs 11,8d a 9meses’23). Contrariamente, el mayor precio del Brent (a 9meses’23 en 81,6 d/b vs 80 d/b guidance) se compensaría con el gap negativo del precio del gas (a 9meses’23 2,7d vs 3d guidance). La producción se mantiene en 595 (vs 600Kboe a 9meses’23), dentro del guidance (590/605kboe). Esperamos buenos Rdos. 3T’23 (26 octubre) y un BDI 3T’23 c. 1.070 M euros (c. +30% vs 2T’23, vs 1.100 M euros consenso tras las revisiones del último mes c.+20%). A pesar del buen trading statement, el valor podría verse hoy lastrado por los miedos sobre el precio del Brent.
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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