Repsol closes 2016 with best net profit in 4 years

By The Associated Press

Spanish energy company Repsol has reported its best annual earnings in four years as it booked fewer impairment charges related to low oil and gas prices.

 

MADRID (AP) — Spanish energy company Repsol has reported its best annual earnings in four years as it booked fewer impairment charges related to low oil and gas prices.

Its net profit of 1.73 billion euros ($1.82 billion) compared with a loss of 1.4 billion euros in 2015.

In the final quarter of 2016, it made a net 616 million euros, overturning a loss of 2.84 billion euros in the same period one year before.

CEO Josu Jon Imaz said Thursday that the company had reduced its operational costs by more than 1.6 billion euros. Repsol also benefited from the acquisition of Canadian oil company Talisman, which increased production and exploration assets.

Shares in Repsol S.A. gained 1.5 percent to 13.9 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

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs