Spanish oil company Repsol SA (REP.MC) said Thursday its first-quarter profit rose 38% on the year, mainly due to higher production and refining margins.
Spanish oil company Repsol SA (REP.MC) said Thursday its first-quarter
profit rose 38% on the year, mainly due to higher production and refining
margins.
Repsol said its CCS net income, a figure that excludes gains or losses in the
value of inventories and is therefore equivalent to the net profit figure
reported by
U.S.
oil
companies, increased to 634 million euros ($833.9 million) from EUR458 million
in the same period a year earlier, excluding nationalized Argentine unit YPF SA
(YPF).
Excluding one-off gains and losses from things like asset sales, the company's
CCS adjusted net income climbed 47% to EUR676 million, above the average of
seven analysts' forecasts of EUR545.1 million, according to FactSet.
Group revenues rose 3% to EUR15.51 billion.
Diluted earnings per share were EUR0.51, compared with EUR0.65 in the first
quarter of 2012, as an increase in shares in 2012 and 2013 weighs on that
figure.
Oil and gas production growth coming from
Brazil
,
Russia
and
other countries helped supercharge Repsol's results. Output in
Libya
,
stopped during the country's civil war in 2011, has since returned to pre-war
levels.
Repsol said production of oil and gas in the first quarter rose 11% from a year
earlier, to 360,000 barrels of oil equivalent a day.
Better margins at its refining operations, mostly in
Spain
, also
boosted earnings, Repsol said. The company recently upgraded two large
refineries in
Spain
,
helping its average margin per barrel to grow to $3.9 in the first quarter from
$3 in the same quarter last year.
After
Argentina
in
early May 2012 nationalized 51% of the company's controlling stake in YPF--the
country's leading oil and gas company--Repsol eventually ended up with a 12%
stake in YPF.
Since the nationalization, Repsol has sought to protect its investment-grade
credit rating by cutting its dividend payout ratio and committing to slashing
its debt.
In late February, the company agreed to sell some of its liquefied natural gas
assets to Royal Dutch Shell PLC (RDSB.LN) for $4.4 billion in cash. The deal,
when it closes by 2014, should help cut its debt roughly in half to EUR2.2
billion, excluding debt it consolidates from a 30% stake in Gas Natural SDG SA
(GAS.MC).
Repsol shares closed Wednesday at EUR18.20, valuing the company at EUR23.34
billion.
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