Spain’s Repsol announces stronger financial results for Q2

According to media reports, Spain’s Repsol posted stronger financial results for the second quarter. The company’s net profit rose by 10.2% to 345 million euros ($381.88 million) in the April-June period from 312 million euros a year earlier.

The company’s stronger financial results for the quarter were led by lower spending on its upstream operations and higher production which offset weaker refining margins and maintenance shutdowns at its two major refineries. Repsol’s upstream output rose 33% to 697,000 barrels of oil per day (bpd) from a year earlier on the back of higher production from its fields in Latin America and the North Sea.

Repsol also reported that its net debt declined to 11.7 billion euros ($12.9 billion) by end-June from 11.98 billion euros at end of March.