Spanish energy major Repsol should continue to benefit from tight oil products markets and elevated refining margins into next year, RBC Capital Markets analyst Biraj Borkhataria writes. Second-quarter margins will likely be around $22 a barrel, he says. The company's intention to keep its distribution framework of returning 30% to 40% of operating cash flow to shareholders is an encouraging sign, he adds. Shares rise 0.5% to 22.21 euros. (adam.whittaker@wsj.com)
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Repsol to Benefit From Higher Refining Margins Into Next Year — Market Talk
Spanish energy major Repsol should continue to benefit from tight oil products markets and elevated refining margins into next year, RBC Capital Markets analyst Biraj Borkhataria writes. Second-quarter margins will likely be around $22 a barrel, he says. The company's intention to keep its distribu…