Middle Office, Risk and Valuation Intern

repsol; The Woodlands (TX); On-site; USD 34,000 - 55,000; Full time

Job summary

Repsol invites driven students to join the internship program to work on live trading projects and risk analytics. You will collaborate with senior traders and analysts to learn proprietary methods, build automation in Python or SQL, and support valuation and risk reporting in a real market context.

The internship runs May 17 through August 6, offering exposure to forward curves, P&L processes, and AI/machine learning applications in energy markets, with a focus on hands-on deliverables and

Qualifications

• Must be legally authorized to work in the USA for any employer without the need for sponsorship, currently or in the future.
• Must have a weighted GPA of 3.3 or higher
• Must be an enrolled student for Fall 2027 semester and not graduate before start of internship.
• Active student of finance, economics, mathematics, computer science or similar.
• Solid skills in Python or R or similar.
• Strong interpersonal skills and ability to think quickly in a fast-paced environment.
• Available for full duration May 17 – Aug 6 (unpaid time off noted as unpaid leave)
• Sophomores, Juniors, Masters encouraged to apply.

Responsibilities

• Work side by side with senior energy traders and analysts covering gas and power
• Learn proprietary methodologies, ETRM trade capture, and trading systems
• Develop understanding of risk control functions and cross-functional dependencies across Front Office, Back Office, Accounting, Corporate Risk, and Contracts
• Develop automation and data-processing tools in Python or SQL to build and refine risk, P&L, and KPI reporting
• Support independent valuation and mark-to-market validation work, including forward curve construction and option valuation in energy markets
• Apply AI and machine learning techniques to energy market problems with attention to model explainability in risk control
• Gain exposure to stochastic modeling of energy prices and numerical methods like Least Squares Monte Carlo
• Identify control gaps and enhancements to existing processes
• Liaise between internal company departments

Skills

Financial analytics

Team collaboration

Problem solving

Education

Pursuing degree in Finance/Economics/Mathematics/CS

Tools

Python

R

Job description

Repsol is a global energy company present throughout the whole energy value chain. The company employs more than 25,000 people and its products are sold in more than 90 countries, reaching 10 million customers. Repsol produces over 700,000 barrels of oil equivalent per day and has one of the most efficient refining systems in Europe. The company operates low-emissions electricity generation assets, including photovoltaic and offshore wind power projects. Repsol is pioneering development of mobility initiatives to create new solutions and energy sources for transportation.

Repsol is committed to our internship program and helping students enhance their academic studies with real-world, hands-on projects. As an intern, you'll work on real projects that deliver tangible benefits and measurable results. At the same time, you'll have the opportunity to learn about and help to solve some of the most important issues we face. You will experience genuine teamwork, and work alongside highly qualified and experienced colleagues, while you work on live projects and operations. At the end of your internship, you will present your summer project to trading, risk, and finance leadership. Your project will be scoped within risk analytics, independent valuation, or Middle Office control automation, and is intended to produce a deliverable the desk continues to use. We encourage candidates who challenge the status quo and continuously drive improvement and innovation.

Responsibilities

• Work side by side with senior energy traders and analysts covering gas and power
• Learn proprietary methodologies, ETRM trade capture, and trading systems that support an established trading business
• Develop an understanding of risk control functions and cross-functional dependencies across Front Office, Back Office, Accounting, Corporate Risk, and Contracts
• Develop automation and data-processing tools in Python or SQL to build and refine risk, P&L, and key performance indicator reporting
• Support independent valuation and mark-to-market validation work, gaining hands‑on exposure to forward curve construction, discounting, volatility, and option valuation in energy markets
• Apply AI and machine learning techniques to energy market problems - supervised learning for price and spread forecasting, feature engineering from fundamentals and weather data, dimensionality reduction (PCA) of forward curves, and generative or simulation-based scenario construction - with appropriate attention to overfitting, validation, and model explainability in a risk control setting
• Gain exposure to the stochastic modeling of energy prices - mean-reverting and jump-diffusion processes, correlation and basis structures - and to the numerical and machine learning methods used to value physical optionality such as gas storage, transport, and tolling agreements, including Least Squares Monte Carlo and its regression-based extensions (regularized and neural network continuation-value estimation)
• Identify control gaps and enhancements to existing processes
• Liaise between internal company departments

Qualifications

• Must be legally authorized to work in the USA for any employer without the need for sponsorship, currently or in the future.
• Must have a weighted GPA of 3.3 or higher
• Must be a currently enrolled student for the Fall 2027 semester. Candidates should not have graduated before the start of the internship.
• Active student of finance, economics, mathematics, computer science or similar.
• Solid skills in working with either R or Python or similar
• Strong interpersonal skills and the ability to think on the fly in a fast-paced environment
• Challenge the status quo and continuously drive improvement and innovation
• Students must be available for the full duration of the internship from May 17th - Aug 6th. Any personal time off must be approved by the supervisor as unpaid leave and should be noted with the recruiter as early as possible.
• Sophomores, Juniors, Master's encouraged to apply

Repsol is an Equal Opportunity Employer M/F/Disability/Veteran