BLOOMBERG.COM
Spanish company Repsol posted a rise in profits for the first nine months of the year following a significant improvement from its upstream business segment. Repsol’s net income for the nine months to 30 September totalled more than €1.1 billion ($1.2 billion), a 35% improvement on the €832 profit booked over the first nine months of 2015.
Helping lift results this year was a significant improvement from Repsol’s upstream business which posted an adjusted net income of €35 million, compared to a €633 million over the same period last year.
Repsol attributed the turnaround of its upstream segment to the implementation of an efficiency programme which generated significant savings and lower exploration costs. Also helping boost the segment’s performance was a 36% jump in production to an average of 693,800 barrels of oil equivalent per day.
This was brought about by the incorporation of additional assets following the completion of the takeover of Canada’s Talisman Energy, as well as an increase in production from assets in Venezuela, Bolivia, Brazil and Peru.
Spanish company Repsol posted a rise in profits for the first nine months of the year following a significant improvement from its upstream business segment. Repsol’s net income for the nine months to 30 September totalled more than €1.1 billion ($1.2 billion), a 35% improvement on the €832 profit booked over the first nine months of 2015.
Helping lift results this year was a significant improvement from Repsol’s upstream business which posted an adjusted net income of €35 million, compared to a €633 million over the same period last year.
Repsol attributed the turnaround of its upstream segment to the implementation of an efficiency programme which generated significant savings and lower exploration costs. Also helping boost the segment’s performance was a 36% jump in production to an average of 693,800 barrels of oil equivalent per day.
This was brought about by the incorporation of additional assets following the completion of the takeover of Canada’s Talisman Energy, as well as an increase in production from assets in Venezuela, Bolivia, Brazil and Peru.