Repsol 1Q 2019 income flat despite lower oil prices

Spanish oil firm Repsol posted a net income for the first quarter of the year of 608 million euros, almost flat compared to last year’s 1Q income of 610 million euros.

Illustration only / Image source: Repsol/Flickr, Shared under CC BY-NC-SA 2.0 license
Illustration only / Image source: Repsol/Flickr, Shared under CC BY-NC-SA 2.0 license

The company, which in the quarter struck a giant discovery in Indonesia, stressed its 1Q result was achieved despite lower oil prices than in the same period of 2018, and with production in Libya interrupted until March 4th, “demonstrating the company’s ability to adapt and create value under any circumstances.”

Repsol said the first quarter of 2019 was marked by oil prices lower than those recorded in the same period of the previous year, with Brent trading at an average of 63.1 dollars per barrel: 6% less than the average recorded between January and March of 2018, when it traded at 66.8 dollars per barrel.

Repsol said its Upstream unit continued its trend of positive performance and increased its income by 12.5% to reach 323 million euros.

The company produced an average of 700,000 barrels of oil equivalent per day (boe/d), compared to the 727,000 boe/d recorded between January and March of last year. This decrease was primarily due to the end of the activity in Libya. Since March 4th, all operations in Libya have resumed, Repsol said.

Repsol said it had obtained additional production during the quarter from new wells in Marcellus (United States), Duvernay (Canada), and Akacias (Colombia). These were accompanied by the acquisition of Mikel and Visund fields in Norway and the installation of the Angelin platform (Trinidad and Tobago) in late February, the company added.

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