MADRID (dpa-AFX) - Spanish oil major Repsol S.A. (REPYY.PK) reported that its third-quarter net income increased to 527 million euros or 0.34 euros per share from last year's 481 million euros or 0.32 euros per share in the prior year.
Adjusted net income in the third quarter was 576 million euros, 269 million euros higher year-on-year.
Operating income declined to 653 million euros from 740 million euros last year.
EBITDA CCS in the third quarter of 2017 was 1.587 billion euros, 38% higher compared to that of the third quarter of 2016.
In Upstream, adjusted net income was 148 million euros, 176 million euros higher than in the same period of 2016, mainly due to higher realized oil and gas prices, resumption of production in Libya and lower exploration expenses. These effects were partially offset by higher technical amortization. Lower effective tax rates as a result of income mix and local currency exchange rate evolution impacted the net income positively.
In Downstream, adjusted net income was 502 million euros, 27% higher year-on-year as a consequence of higher margins and higher distillation utilization in Refining in Spain and Peru, as well as higher sales in Chemicals, better results in Trading, higher contribution from the Marketing business and better performance in the LPG business.
The Group's net debt at the end of the quarter stood at 6.972 billion euros, 505 million euros lower than at the end of the second quarter of 2017, mainly due to the strong cash flow generation from operating activities, which more than covered net investment, financial interest and dividend payments. At the end of the quarter the net debt to capital employed ratio stood at 18.8%.
The company progress continues to be made towards its Synergies and Efficiency Targets, with the project expected to deliver 2.1 billion euros in cash savings in 2017.
Copyright RTT News/dpa-AFX