Repsol made a net profit of 689 million euros in the first quarter of 2017, up 59% from a year earlier, fuelled by plans implemented to increase the company’s resilience and flexibility against the current backdrop of low prices.
The FactSet consensus forecast net profit of 531 million euros. The company explained that during the quarter, the international reference prices of oil and gas were on average 53,7 dollars per barrel in the case of Brent, and 3,3 dollars per MBtu in the case of Henry Hub.
Adjusted net profit stood at 630 million euros, compared with 572 million a year ago. Repsol’s upstream business registered profits of 224 million euros, 207 million higher than the first quarter of 2016.
Repsol said its downstream business remained “a big cash generator,” recording a profit of 500 million euros, in line with that of a year earlier. Improvements were made in Trading, Gas & Power, Marketing and Refining in Peru, the latter as a result of putting its low sulpher diesel unit into operation in the last quarter of 2016.