Middle Office, Risk and Valuation Intern

Repsol • Houston, TX

3d • Onsite

About The Position

Repsol is a global energy company committed to exploring and discovering the limitless possibilities of energy to foster progress. We believe in the power of talent to shape the future and are seeking curious, bold individuals eager to grow and create new ways forward. Our internship program is designed to enhance academic studies with real-world, hands-on projects that deliver tangible benefits and measurable results. Interns will work on live projects and operations, experiencing genuine teamwork alongside highly qualified colleagues, and contributing to solving important energy challenges. The internship project will be focused on risk analytics, independent valuation, or Middle Office control automation, aiming to produce a deliverable that the desk continues to use. We encourage candidates who challenge the status quo and continuously drive improvement and innovation.

Requirements

• 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.

Nice To Haves

• Sophomores, Juniors, Master’s 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 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

What This Job Offers

• Career Level: Intern
• Education Level: No Education Listed