Repsol's 1Q profit up 6% despite 20% lower refining margin.

摘要

The Spanish oil and gas firm reported its adjusted net earnings were C618MM ($691MM)—beating analysts' projections of €566MM ($633MM). Reduced exploration costs helped to balance 5.5% lower Brent prices and a 26K-b/d year-on-year decline in production to 700K b/d. Repsol's output was reduced by field maintenance, the sale of US assets, and a stoppage in Libya, but it got some support from a Norwegian acquisition, a gas field startup in Trinidad and Tobago, and new US, Canadian, and Colombian wells.