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Spanish Repsol's Q3 crude oil throughput drops 2% on year to 12.1 mil mt

Barcelona — Spanish integrated oil company Repsol said in a regulatory filing Wednesday that crude throughput at its refineries was 12.1 million mt in the third quarter (around 964,000 b/d) down 2% year on year.

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The Q3 figure was nonetheless an increase from 892,000 b/d in Q2, which was the lowest in five quarters.

Throughput in Europe during Q3 was 10.9 million mt, down 2% year on year, while throughput in Peru was 1.3 million mt, unchanged.

The utilization rate of the company's five Spanish refineries was 96.3% in the period, down from 98.7% in Q3 2017 but up from 88.4% in Q2.

However, the conversion rate was 108.9% in Q3, up from 104.3% a year earlier and up from 103.5% in Q2.

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The company's benchmark Spanish refining margin averaged $6.70/b in Q3, down 50 cents from Q2 and 30 cents from Q3 2017.

Increased energy costs and a lower fuel oil differential as well as weakness in non oil-indexed products outweighed the effect of a wider light-heavy spread, Repsol said.

The company did not disclose if it made a premium to the benchmark in the quarter.

For the upstream, Repsol confirmed Q3 production of 691,000 boe/d, consisting of 250,000 b/d of liquids -- down 2,000 b/d year on year -- and 441,000 boe/d of gas -- unchanged.

Gas production from the Latin America and Caribbean region posted the sharpest drop in Q3 to 234,000 boe/d from 243,000 boe/d a year earlier.

By contrast, gas production from Europe, Africa and Brazil increased to 28,000 boe/d from 16,000 boe/d over the same period.

The company singled out declining gas demand from Venezuela's Cardon IV field as well as operating curtailments and natural field decline as the main drags on production.

In terms of upstream capital expenditure, Repsol said it spent Eur523 million ($594 million) in the quarter, up Eur56 million on the year.

Development costs accounted for 82% of the total, with the US (29%), Canada (18%) Trinidad and Tobago (10%) and Peru (10%) the main recipients.

Exploration capex went primarily to Brazil (24%), Trinidad and Tobago (10%) and Indonesia (9%), the company said.

Repsol increased its sales price for both crude and gas in the period, with the average realized crude price increasing 40% over the year to $66.90/b and the average realized gas price rising 23% year on year to $3.30/Mcf.


--Gianluca Baratti,

--Edited by Jonathan Dart,