Repsol 1Q Production Up

Spain's Repsol issued preliminary operating results April 9, showing its upstream global production in 1Q 2018 rose to 727,000 barrels of oil equivalent/day. This was an increase of 4.9% year on year and up 1.6% on 4Q2017's output of 715,000 boe/d.

Its Latin America/Caribbean production reached 303,000 boe/d, up 4.9% year on year, while that in Europe/Africa/Brazil increased by 22.1% to 166,000 boe/d. Its North American output was flat at 176,000 boe/d while its production in Russia/Asia – where it has divested assets to Novatek, though continues to explore – fell by 12% to 81,000 boe/d.

It said the average Brent price in 1Q2018 was 24.4% higher year on year at $66.8/b, whereas the Henry Hub price fell by 9.1% to $3/mn Btu. Its average refining margin for Spain was 7% lower at $6.6/b. Repsol expects to announce its full quarter financial results on May 4.