Repsol, S.A. (REPYY) Q1 2025 Earnings Call Transcript

2025-05-01 16:04:10 ET

Repsol, S.A. (REPYY)

Q1 2025 Results Conference Call

April 30, 2025 04:30 AM ET

Company Participants

Pablo Bannatyne - Head of Investor Relations

Josu Jon Imaz - Chief Executive Officer

Conference Call Participants

Alessandro Pozzi - Mediobanca

Alastair Syme - Citigroup

Michele Della Vigna - Goldman Sachs

Alejandro Vigil - Banco Santander

Biraj Borkhataria - RBC

Pablo Cuadrado - Kepler Cheuvreux

Irene Himona - Bernstein

Henri Patricot - UBS

Sasikanth Chilukuru - Morgan Stanley

Paul Redman - BNP Paribas

Presentation

Pablo Bannatyne

Good morning to all. Welcome to Repsol First Quarter 2025 Results Presentation. Today's conference call 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 call over to Josu Jon Imaz.

Josu Jon Imaz

Thank you, Pablo. Good morning to everyone, and thank you for joining us. I know that today is a busy day for you, for the analysts covering our sector. So I'll try to be as executive as possible. Our presentation will be focused on first quarter performance.

But at this stage, we can't overlook the sharp term of events in April and how Repsol visualized this complex environment. Of course, at the end, we will be available, as always, for a Q&A session.

Starting with the main messages, the first quarter of 2025 was marked by significant volatility driven by the headlines about OPEC's production policies, U.S. tariffs and geopolitical tensions. Overall, the primary macro indicators were in line with our assumptions, enabling us to achieve our financial result consistent with guidance and to make material progress towards the priorities defined for 2025. Of course, all that volatility intensified in April, turning oil prices towards the lowest point in 4 years and deteriorating the refining environment. Repsol's integrated model has demonstrated resilience in similar situation, but nevertheless, the company is already working on adapting its plan if these circumstances persist.

In this context, Repsol keeps advancing towards its strategic goals, having improved its upstream portfolio with a new joint venture in the U.K., taking newer steps on the development of its business model for renewables and fulfilling its committed shareholder distribution targets. In the Upstream, the agreement with NEO Energy to merge our U.K. North Sea assets aims to create one of the largest operators in the region, enhancing the scale, efficiency and growth prospects of the combined entity....

Read the full article on Seeking Alpha

For further details see: