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Repsol production decreased by 10% in the first quarter

Repsol production decreased by 10% in the first quarter

The Repsol Campus Entrance. EFE / Christina Escobar / Archive

Madrid, April 8 (EFE). The daily production of the Spanish company Repsol reached 639 thousand barrels of oil equivalent in the first quarter, which is a decrease of 10% compared to the same period of the previous year, affected by the poor market performance in America.
However, as Repsol reported Thursday to the National Securities Market Committee (CNMV), the oil company’s production through March was 1.8% higher compared to the fourth quarter of 2020.
Production increased in the first three months of the year only in the geographical area of ​​Europe and Africa, growing by 22.9% compared to the same quarter of the previous year and the fourth quarter of the same year, reaching 118 thousand barrels. From rough.
The largest decline occurred in North America, where it fell 25% year-on-year, compared to 3.4%, which decreased compared to the fourth quarter of 2020, reaching 168,000 barrels.
In Latin America, the geographic region in which Repsol has historically recorded the highest production, there were 287,000 barrels per day, a figure that reflects a decrease of 10.3% compared to last year and 0.7% compared to the previous quarter.
In Asia, Russia and the rest of the world, production reached 66,000 barrels, 7% less than the same period a year earlier, and 2.9% less than in the fourth quarter of 2020.
Refining margin in Spain fell to $ 0.2 a barrel through March, 95.7% less than the $ 4.7 per barrel recorded a year earlier, compared to an 80% decline compared to the previous quarter.
For its part, the average price of Brent crude (the benchmark in Europe) in the first quarter of the year was $ 61.1 per barrel, an increase of 22% over the price specified in the same period of the previous year.
The Henry Hub reference price for natural gas through March was $ 2.7 per MBtu (calculated for gas), the same value as in the fourth quarter of 2020 and 35% more than last year.

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