Spain's Repsol Reports Flat Q1 Profits

Repsol’s net income reached €608mn ($681mn) in Q1, in line with the €610mn in the same period of 2018, it said April 30. This was despite the 6% drop in the price of Brent crude and with production in Libya interrupted until March 4. The company produced an average of 700,000 barrels of oil equivalent/(boe/d), of which 65% was gas; that compares with 727,000 boe/d in Q1 2018. Adjusted net income rose 6% to €618mn, from €583mn last year.

Trading improved its performance, but the Gas & LPG business units saw their earnings affected by a lower demand owing to a milder winter in North America and the Iberian Peninsula.

With regard to its electricity and gas business, Repsol continued to add new customers to its portfolio. including an offer through a department store chain to offer electricity and gas to its customers at "competitive and personalised rates, as well as discounts on fuel." Furthermore, Repsol became the chain’s main energy provider by number of establishments.

In Indonesia, Repsol made the world’s largest onshore discovery in the first quarter of the year. The recoverable resources discovered at the Sakakemang block are estimated at about 2 trillion ft³.

The Upstream unit continued its positive performance trend, posting an income of €323mn, 12.5% greater than the first quarter of 2018. The Downstream unit (Refining, Chemicals, Mobility, Lubricants, LPG, Trading & Gas, and Repsol Electricidad y Gas) earned €404mn.