Q2 2024 Repsol SA Earnings Call Transcript
Key Points
- Repsol SA (REPYF) delivered resilient results with a second-quarter adjusted income of EUR859 million, 4% above the same period in 2023.
- The company maintained a strong operational performance across divisions despite a less favorable refining environment.
- Repsol SA (REPYF) completed a significant share buyback program, reducing share capital by 40 million shares and announcing an additional 20 million share buyback for the second half of the year.
- The upstream division reported an adjusted income of EUR427 million, a 4% increase over the same quarter last year, driven by higher oil realization and higher volumes sold.
- Repsol SA (REPYF) is progressing well with key projects like Pikka in Alaska and Leon-Castile in the Gulf of Mexico, expected to start production in the next 12 to 18 months.
- Cash flow from operations was EUR0.9 billion, 32% lower quarter on quarter and 45% below last year, impacted by a EUR1 billion payment related to acquisitions and settlements.
- Net debt increased by EUR0.7 billion compared to March, reaching EUR4.6 billion, primarily due to the purchase of treasury shares and new leases.
- The refining margin indicator averaged $6.3 per barrel, 45% lower quarter over quarter, affected by narrower middle distillate differentials.
- The chemical business faced challenges with a 31% decrease in the petrochemical margin indicator compared to the previous quarter.
- The low carbon generation division reported minimal adjusted income, negatively impacted by a decline in power prices in Spain and lower contributions from combined cycles.
Good afternoon, and welcome to Repsol's second-quarter 2024 results conference call. Today will be hosted by Josu Jon Imaz, our Chief Executive Officer, with other members of the executive team joining us as well.
Before we start, let me draw your attention to our disclaimer. During this presentation, we may make forward-looking statements based on estimates. Actual results may differ materially depending on a number of factors as indicated in the disclaimer.
I will now hand the conference over to Josu Jon.
Thank you very much, Ramón, and thank you, everyone, for joining us today. To begin with the high, I'll take you through the main messages of this quarter before moving to our review of our business performance and results. Following the presentation, we will be available to answer your questions.
The first half of the year has helped Repsol to move
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
