Repsol posts EUR 1.6 bln profit

Repsol reported net income of 1.646 billion for the first nine months of this year, a 27.9% rise from the same period in 2013.

Adjusted net income, calculated at current cost of supplies (CCS), rose to 1.337 billion, a 9.6% increase over the first nine months of 2013.

These results are especially significant because they have been achieved in a context of falling crude oil prices during the last quarter, a slowdown in global demand and lower production in Libya, Repsol said in a statement.

In the ipstream business, the company posted a result of 585 million euros over a period in which it continued its successful exploratory campaign. The average daily production during the year increased to 349,000 barrels of oil equivalent per day, which includes 27,900 boepd of new production.

Repsol’s year-over-year investment in the upstream unit increased 21% to 2.066 billion euros. This allowed it to intensify up its exploration and production activity worldwide with operations in the United States, Brazil, Russia, Colombia, Angola, Trinidad & Tobago, Algeria, Romania and Norway, among other countries.

In the downstream business, the company’s assets and strategic positioning made possible a 40% gain in adjusted net income, to 642 million euros compared to the same period of 2013. The efficiency of Repsol’s refineries together with the current price of oil has resulted in a greater refining margin, which jumped 20% in the first nine months of the year to reach 3.60 dollars per barrel.

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Press Release; Image: Repsol