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Spain’s Repsol’s net profit slumps 62% in Q3

by ChemOrbis Editorial Team -
  • 12/11/2015 (16:34)
According to media reports, Spain’s Repsol SA’s adjusted net profit declined to €159 million ($171 million) in the third quarter, down 62% from the profit of €415 million ($445 million) reported a year earlier. The company’s net profit also fell below analysts’ estimates, which called for a €201.6 million net profit in a survey by Bloomberg. The decline in net profit was attributed to plunging oil prices, higher exploration costs and a lack of production in Libya because of political unrest in the country.

However, lower crude oil costs boosted profits in Repsol’s refining and downstream units, which reported a profit of €682 million ($732 million) in the third quarter. The company’s refining margins rose to $8.80 per barrel in the third quarter from $3.90 per barrel a year earlier.
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