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Spain’s Repsol posts stronger income in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/05/2015 (11:32)
According to a press release on the company’s website, Repsol’s adjusted net income increased 74% on the year to €928 million ($1.03 billion) in the first quarter as stronger margins from the refining and chemical businesses as well as a weakening euro against the dollar offset the negative effects of lower crude prices.

In its upstream unit, the company posted a net loss of €190 million ($212 million) for the first three months compared with €255million ($285 million) in the same period of 2014 due to lower production in Libya and a slump in crude oil prices. However, the company’s oil production increased 3.7% increase to reach 354,600 barrels of oil equivalent a day.

Downstream, Repsol’s earnings on a current cost of supplies basis rose 84.1% to €534million ($596 million) in the first quarter owing to stronger margins from the refining and chemicals businesses.

Meanwhile, according to a separate press release on the company’s website, Repsol completed the acquisition of Canadian oil company Talisman Energy. Repsol reportedly aims to increase its oil production, reduce its reliance on oil producing assets in politically risky areas such as Libya and to diversify and improve its asset base through the acquisition of the Canadian company.
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