Repsol dives to third quarter loss
Spanish oil company Repsol reported a net loss for the third quarter of 2015, mainly hit by low oil prices.
The oil firm, based in Madrid, saw its 3Q result dive to a net loss of 221 million euros, versus a net gain of 319 million euros a year ago.
Adjusted net income was 159 million euros, 62% down from 415 million euros in the third quarter last year.
In the Upstream segment, Repsol’s adjusted net loss in the quarter was -395 million, an EUR 580 million decrease compared to the same period of 2014, mainly due to the impact of lower realization prices, higher exploration expenses, the absence of production in Libya and the impact in taxes of the devaluation of local currencies, partially compensated with higher production volumes.
Upstream production reached an average of 653 kboe/d in the third quarter of 2015, 79% higher year‐on‐year. The contribution of Talisman’s assets in the quarter has been, on average, 307 kboe/d. Production in October reached an average of 685 kboe/d.
In the Downstream, adjusted net income in the third quarter of 2015 amounted to €682 million, significantly higher compared to the third quarter of 2014 in which the net income was €190 million. The Downstream result was boosted by the improved refining margins.
Offshore Energy Today Staff