Repsol turns a Q3 profit on lower costs and asset sale

By The Associated Press

 

MADRID (AP) — Spanish energy company Repsol posted a third-quarter profit of 481 million euros ($534 million) as opposed to a 221 million-euro loss last year thanks to lower exploration costs and the sale of a stake in Gas Natural.

The company said Thursday that it benefited from a one-off gain of 180 million euros from the sale of a 10 percent stake in Gas Natural SDG. Last year, Repsol suffered in the wake of a slump in oil prices and U.S. asset write-downs.

Repsol S.A. said y its net profit for the first nine months was 1.12 billion euros, up 35 percent from the same period a year ago.

Repsol shares fell 0.7 percent at 12.3 euros in early Madrid trading.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs