Repsol: nine-month net profit up 41% thanks to downstream.
(CercleFinance.com) - Spanish oil company Repsol posted a higher net profit for the first nine months of 2017, with higher oil prices outweighing falling production.
This morning the firm reported net profit of 1.58 billion euros for the first nine months of 2017, up 41% from the 1.12 billion euros recorded in the same period last year.
The downstream unit - which includes refining, chemicals, marketing, and lubricants - reported profit of 1.43 billion euros, 8% higher than a year ago.
However, Repsol's total production fell to 687,700 barrels of oil equivalent per day, from 693,800 one year ago.
In late morning trading, Repsol shares were down 0.4% at 16.1 euros, while Spain's IBEX index index has fallen 0.8%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
This morning the firm reported net profit of 1.58 billion euros for the first nine months of 2017, up 41% from the 1.12 billion euros recorded in the same period last year.
The downstream unit - which includes refining, chemicals, marketing, and lubricants - reported profit of 1.43 billion euros, 8% higher than a year ago.
However, Repsol's total production fell to 687,700 barrels of oil equivalent per day, from 693,800 one year ago.
In late morning trading, Repsol shares were down 0.4% at 16.1 euros, while Spain's IBEX index index has fallen 0.8%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.