Repsol increases earnings by 41% in Q3
Spanish oil giant Repsol earned 1,583 million euros in the first nine months of the year, a 41.3% increase compared to that period last year, pushed by higher oil prices and good performance in the downstream sector.
Following the steps of its European competitors Repsol has posted strong results for the third quarter of 2017 with jumps in profit and earnings.
In the downstream sector, through its activities in refining, marketing and distribution, Repsol has generated operating income of €686 million up from €522 million. The company said that higher margins and improved chemical sales where behind the growth.
Repsol says that its positive downstream results are even more surprising “if you take into consideration that during the first semester the company made the main maintenance stops that were due for the whole year at its refineries,” according to Expansión.
The oil company is also reaping the rewards from its efforts to reduce debt. By the end of the period net debt stood at €6.98 billion, a 30% reduction from the almost €10 billion in the 2016.
