Repsol Sa Sp/Adr (REPYY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to all. Welcome to REPSOL first quarter 2025 results presentation. Today's conference call will be hosted by Joshua Yonimath, 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 Josue Joniman. 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 turn of events in April, and how Repsol visualizes this complex environment. Of course, at the end, we will be available, as always, for Q&A sessions. Starting with the main messages, the first quarter of 2025 was marked by significant volatility driven by the headlines about OPIC's production policies, U.S. tariffs, and geopolitical tensions. Overall, the primary macro indicators were in line with our assumptions, enabling us a 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 their lowest point in four years and deteriorating the refining environment. Repsol's integrated model has demonstrated resilience in similar situations, 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, h...