By Ilan Brat
MADRID--Spanish oil major Repsol SA (REP.MC) said Thursday its
first-quarter profit increased 27% on the year, driven in part by
one-time gains from a divestment.
Repsol said net profit was 807 million euros ($1.1 billion) in
the quarter compared with EUR634 million a year ago. Repsol closed
a deal to sell its liquefied natural gas assets in the fourth
quarter of 2013 but recognized some of the gains in the following
quarter.
Adjusted net income--a figure that excludes gains or losses in
the value of inventories--increased 1.5% to EUR532 million from
EUR524 million in the same period a year earlier
Security concerns in Libya shuttered Repsol's main production
area in the country for part of the quarter. Total production
decreased 5% in the quarter to 343,000 barrels of oil equivalent a
day.
But higher profits from the downstream refining and
petrochemicals business helped offset the lower production
output.
Write to Ilan Brat at ilan.brat@wsj.com
Access Investor Kit for YPF SA
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=ARP9897X1319
Access Investor Kit for Repsol SA
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=ES0173516115
Access Investor Kit for Repsol SA
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US76026T2050
Access Investor Kit for YPF SA
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US9842451000