The oil company Repsol leads the falls in the Ibex 35 with a decrease of almost 6%, after publishing on Wednesday after the closing of the stock market session. Production in the 2025 extraction business was reduced by 4% in 2025 compared to the previous year, with decreases of 5.2% in North America, 7.6% in Latin America and an increase of 5.2% in Europe, Africa and the rest of the world. In the quarter, production fell 1.4% year-on-year. The refining margin, however, shot up 20% year-on-year.
Some figures with lights and shadows that have not completely convinced analysts. In particular to those of RBC, who have lowered their recommendation to underweight. The analysis firm, Bloomberg indicates, adds that even a modest decrease in investments could cause Repsol’s free cash flow performance to be below the average of its competitors, and refining, the “positive point” in 2025, will normalize in 2026.
Citi, which advises buying, indicates that the figures are in line with Citi’s profit expectations, but with a different mix between business upstream (exploration and production) weaker and downstream (refining and sale) stronger. All in all, they would be below what the consensus had predicted in recent weeks.
“The message to the market is: less volume, but more profitability per barrel. A more defensive investor profile likes that, although it limits the growth narrative. If crude oil follows and maintains these margins, the value can be sustained; if the margins normalize quickly, the market will demand more cost discipline,” explains IG Markets. From Morgan Stanley, analyst Guilherme Levy affirms that this is an ambiguous statement, which leads him to slightly lower his figures for the quarter.
Repsol is one of the oil companies that has shown the greatest interest in increasing its presence in Venezuela after the intervention of the United States and the capture of Nicolás Maduro.
