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

By Reuters News

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

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