Spain: Repsol Q3 LNG Income Down

Spain: Repsol Q3 LNG Income Down

Repsol of Spain said that the company’s adjusted operating income in its LNG business amounted to 129 M€ in the third quarter of this year, 32% lower than the same quarter in 2012.

Lower margins due to the incremental number cargos sold to Manzanillo, and lower commercialization volumes, have been partly offset by the improved results from the North America business, according to the company.

Adjusted operating income in the company’s LNG business for the first nine months of 2013 amounted to 610 M€, an increase of 44% compared with the same period of the previous year.

This increase is essentially explained by the increased LNG commercial sale volumes, despite the lower volumes recorded this quarter, along with the improved results in North America, Repsol said.

Repsol’s CCS adjusted net income for the quarter was 387 M€ and CCS adjusted operating income amounted to 840 M€, 22% and 33% lower than those for the same quarter of the previous year respectively.


LNG World News Staff, November 7, 2013; Image: Repsol