By Adam Whittaker

Shares in Spanish energy company Repsol fell after fourth-quarter production missed expectations, meaning earnings could come in lower than expected.

In afternoon trade in Europe, shares were down nearly 6% at 15.79 euros and are the second-largest faller on the Stoxx Europe 600 index. Shares remain up more than 10% over the past three months.

Late Wednesday, Repsol said it expects fourth-quarter production of 544,000 barrels of oil equivalent a day. This is down 1.8% on the same period a year prior.

Investors had expected 562,000 barrels of oil equivalent a day but production is seen lower due to weaker production in Trinidad and Tobago and the U.S. Eagle Ford, Jefferies analysts wrote in a note.

The miss will likely to lead to a between 5%-10% downward revision to adjusted income expectations, the analysts write.

The energy company did have a strong downstream performance with refining margins coming in above consensus expectations, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani said.

However, the company's current spot margins are significantly weaker than levels seen over the fourth quarter, which could also weigh on sentiment, the RBC analysts added.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

January 15, 2026 08:17 ET (13:17 GMT)

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