Brief: Repsol Estimates Refining Margin Of $19 A Barrel In 2027, CEO Says

Repsol

29/10/2026 10:42

Oct 29 (Reuters) - CEO of Repsol REP.MC Josu Jon Imaz:
LOOKING AHEAD, REFINING MARGIN OUTLOOK REMAINS POSITIVE EVEN ASSUMING A NORMALISATION OF THE SITUATION IN HORMUZ
UPSTREAM PRODUCTION HAS AVERAGED 590,000 BARRELS PER DAY IN OCTOBER
WE'RE PREPARING FOR PHASE 2 FID IN ALASKA OIL PROJECT
WE MONETIZED THREE CRUDE OIL CARGOES FROM VENEZUELA AS PAYMENT FOR GAS PRODUCED, EXPECT TO RECEIVE TWO MORE THIS YEAR
AT VENEZUELA'S PETROQUIRIQUIRE OIL FIELD, SOLID PROGRESS HAS BEEN MADE SINCE ASSUMING OPERATORSHIP IN APRIL
PETROQUIRIQUIRE'S PROGRESS INCLUDE AWARD OF A SIGNIFICANT PORTION OF THE CONTRACTS REQUIRED TO INCREASE LIGHT CRUDE OIL PRODUCTION
AT PETROCARABOBO, THE COMPANY IS PROGRESSING TOWARDS HAVING A PRODUCTIVE PARTICIPATION CONTRACT IN PLACE BY YEAR-END
WE CAN ESTIMATE A CASH DIVIDEND OF €1.15 A SHARE IN 2027
UNDER CONTRACT IN NEGOTIATIONS, REPSOL WOULD HAVE SIGNIFICANT ROLE IN PETROCARABOBO
IN PETROCARABOBO WE ARE TALKING ABOUT A PLATEAU AT THE END OF THE ROAD THAT COULD BE AT AROUND 210,000 BARRELS A DAY
REFINING MARGIN SO FAR IN OCTOBER AVERAGES $18-19 A BARREL
I HAVE SOME CONCERNS RELATED TO THE TIGHTNESS OF DIESEL IN EUROPE IN COMING MONTHS
WE ARE FULLY COMFORTABLE WITH THE CAPACITY WE HAVE TO PROVIDE ALL THE DIESEL AND THE KEROSENE THAT THE SPANISH ECONOMY NEEDS
UPSTREAM PRODUCTION NEXT YEAR EXPECTED IN RANGE OF 580,000 TO 600,000 BARRELS A DAY
WE ESTIMATE REFINING MARGIN OF $19 A BARREL IN 2027
Source text: [ID:]
Further company coverage: REP.MC

 (Reporting by Pietro Lombardi)
 ((Pietro.Lombardi@thomsonreuters.com;))