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Profitability remains a prerequisite for a credible energy transition—Repsol
Insisting that profitability must be maintained as energy companies transition from fossil fuels to clean fuels has enabled Repsol to ratchet up its climate neutrality ambitions, making the company an industry leader.
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The east African country continues to attract investment in oil and gas projects, but concerns over security are still impeding developments in the gas-rich north
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Companies are still fleeing the carbon-heavy assets, despite the industry committing to net-zero emissions by 2050 through the Pathways Alliance
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Repsol Tüpraş Marathon Oil BP TotalEnergies Shell
Bill Barnes
20 April 2018
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Refiners and finance: who’s winning and where?

Companies that splurged on sophisticated capacity additions, like Repsol and Tüpraş, and the majors with balanced upstream-downstream portfolios will benefit most

While upstream oil and gas have harvested most of the corporate headlines over the past year, the often-overlooked oil refining sector has been delivering both volume and value for its backers. Analysts believe that value could continue to accrue for some time to come. Consultants Wood MacKenzie note that their 2017 Global Composite Margin, which gives an indication of crude oil refining margins worldwide, registered its second highest average since 2010—at $6.40 a barrel. This was only lower in 2015 when it registered $7.20/b, during the oil price crash. Wood MacKenzie forecasts that the margin won't dip below $6/b until after 2020. In this context, large diversified refiners operating comp

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