While the higher oil prices show up in the large IOCs’ earnings, the recovery is slower for Repsol, as the refining margins declined qoq in Spain. Management seems to be letting go the idea of selling part of its customer-centric business, perhaps disappointed by the valuations offered, but an IPO of the renewables business is still on the table.
30 Apr 2021
Q1: refining weighing on results
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Q1: refining weighing on results
While the higher oil prices show up in the large IOCs’ earnings, the recovery is slower for Repsol, as the refining margins declined qoq in Spain. Management seems to be letting go the idea of selling part of its customer-centric business, perhaps disappointed by the valuations offered, but an IPO of the renewables business is still on the table.