MADRID (dpa-AFX) - Spanish oil major Repsol S.A. (REPYY.PK) reported that its net income for the fist-quarter of 2017 amounted to 689 million euros, up 59% from 434 million euros last year. On a per share basis, net income was 0.46 euros, up from 0.29 euros in the previous year.
Adjusted net income in the first quarter was 630 million euros, 10% higher year-on-year.
Operating income grew to 844 million euros from 342 million euros last year.
In Upstream, adjusted net income was 224 million euros, 207 million euros higher than in the same period of2016,mainly due to higher realized prices, resumption of production in Libya and lower production costs partially offset by lower volumes, higher exploration expenses and higher taxes due to higher results.
In Downstream, adjusted net income was 500 million euros, 10% lower year-on-year mainly because of a fall in regulated LPG bottle margins, due to the pricing formula,and the sale of the piped LPG segment, as well as lower absolute results in Chemicals, although underlying margins remain strong. These effects were partially offset by better results in the Marketing, Trading and Gas & Power businesses.
Copyright RTT News/dpa-AFX