Cost cutting helped Repsol to exceed expectations in the first quarter, a period that coincided with crude prices hitting a 12-year low. Spain’s biggest oil producer reported adjusted net income of €572m in the first quarter, well ahead of estimates of €261.2m, although still down from €928m a year earlier.
Those results had been boosted by an exceptional €500m gain related mostly to funds received for YPF, a former subsidiary that was renationalised by the Argentine government. Repsol said measures “to increase efficiency and savings in recent months led the company to achieve positive results despite low oil prices.”
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