Earnings were above consensus, mainly thanks to lower costs in Upstream. This is a good step as Repsol continues its resilience plan for the next two years. Lower production costs saved €135m on EBIT yoy, as well as €106m on lower exploration costs. Along the same line, the company guides for a capex of around €2.6bn in 2021, which is very low compared to the average of €3.6bn for 2021-25 guided during the capital markets day.
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Q4: resilience mode
Earnings were above consensus, mainly thanks to lower costs in Upstream. This is a good step as Repsol continues its resilience plan for the next two years. Lower production costs saved €135m on EBIT yoy, as well as €106m on lower exploration costs. Along the same line, the company guides for a capex of around €2.6bn in 2021, which is very low compared to the average of €3.6bn for 2021-25 guided during the capital markets day.