⁍ Repsol reported a 7 million euro ($8.27 million) adjusted net profit for the third quarter.
⁍ Its profit was still 515 million euros lower than in the same period a year earlier.
⁍ The upstream business that extracts oil and gas turned a profit.
⁍ Repsol shares initially rose more than 1%, outperforming Madrid’s stock exchange.
– Repsol reported a narrower-than-expected third-quarter loss of $8.27 million on Thursday, helped by a rebound in the price of crude oil. The Spanish oil and gas company posted a net loss of $5.1 billion in the third quarter of 2017, per Reuters, due to the impact of a deadly virus that wiped out millions of people around the world. Repsol’s upstream business, which extracts oil and gas, made a profit, while the company’s commercial and renewables unit, which includes lower-emission motor fuels, suffered losses. Repsol shares initially rose more than 1%, outperforming Madrid’s stock exchange, but tracked lower to trade down 0.4% at 0812 GMT. Repsol shares initially rose more than 1%, outperforming Madrid’s stock exchange, but tracked lower to trade down 0.4% at 0812 GMT. Benchmark Brent crude oil prices picked up in the July-September period from lows in the previous quarter when the hit to demand was exacerbated by curbs on movement to stem the virus. The plummeting prices prompted oil producers around the world to slash investments in 2020. Repsol said on Thursday it would cut its new capital expenditure plans by a further 200 million euros, adding to a previous target to reduce that by 1 billion euros.
Source: https://www.reuters.com/article/repsol-results/update-3-repsol-edges-back-to-net-profit-moots-listing-renewables-unit-idUSL8N2HK2CV