Repsol profit leaps on refining and crude price gains
MADRID (Reuters) — Spanish oil major Repsol posted close to a 90% jump in third-quarter adjusted net profit after higher oil prices boosted its production division while its refining arm remained highly profitable.
Repsol's performance echoed that of European competitors Shell, Total and BP, which all reported stronger quarterly profit on the back of the recovery in crude prices.
Average recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) came in at 576 MM euros ($671 MM) in the July-September period, compared with a 553 MM euro consensus in a Reuters poll of analysts.
Third-quarter production reached 695,000 bpd, versus 671,000 bpd in the same period of 2016 while the refining margin was $7/bbl, up from $5.10 a year ago.
Net debt fell to 6.97 B euros at Sept. 30, from 7.48 B euros 3 mos earlier, and is on track for the year-end target of less than 7 B euros.
At the market open, Repsol shares edged up by 0.4% to 16.21 euros.
Reporting by Jose Elias Rodriguez; Editing by David Goodman
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