Repsol Swings Back to Profit Helped by Upstream Operations, Cost Cuts
November 03 2016 - 4:09AM
Dow Jones News
By Selina Williams
LONDON-Repsol SA (REP.MC) swung to net profit in the the third
quarter compared with a year earlier as the Spanish oil and gas
producer continued to reduce costs in face of the prolonged slump
in oil prices that has roiled the sector.
Repsol, the last of Europe's major oil companies to report
third-quarter earnings, said Thursday net profit was EUR481 million
euros ($534.9 million) in the three months to end-September
compared with a net loss of EUR221 million in the same period last
year.
Repsol benefited from stronger performance from its exploration
and production division, lower financing costs and a gain from the
sale of its stake in Spain's Gas Natural.
The oil producer said adjusted net profit, which excludes gains
or losses in the value of inventories and one-off items, rose 93%
in the third quarter to EUR307 million from EUR159 million a year
earlier.
Earnings before interest, taxes, depreciation and amortization
rose 13% in the third quarter to EUR1.14 billion from EUR1.01
billion from the same period a year earlier.
--Write to Selina Williams at selina.williams@wsj.com
(END) Dow Jones Newswires
November 03, 2016 03:54 ET (07:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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