Repsol: profit falls on lower upstream production
(CercleFinance.com) - Spanish oil major Repsol's net profit fell by 9% in the second quarter due to lower prices and volumes in upstream production, the company said on Wednesday.
Quarterly adjusted net income was 497 million euros. In the second quarter of 2018 net profit was 549 million euros.
EBIT came in at 1.9 billion euros, down from 2 billion euros a year earlier.
Upstream production reached an average of 694,000 barrels of oil equivalent per day in the second quarter of 2019, 27,000 barrels lower year-on-year, primarily due to maintenance activities in Trinidad & Tobago and Peru, as well as a lower gas demand in Venezuela, and the natural decline of fields.
The shares were up 3.4% in Madrid after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Quarterly adjusted net income was 497 million euros. In the second quarter of 2018 net profit was 549 million euros.
EBIT came in at 1.9 billion euros, down from 2 billion euros a year earlier.
Upstream production reached an average of 694,000 barrels of oil equivalent per day in the second quarter of 2019, 27,000 barrels lower year-on-year, primarily due to maintenance activities in Trinidad & Tobago and Peru, as well as a lower gas demand in Venezuela, and the natural decline of fields.
The shares were up 3.4% in Madrid after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.