Repsol ups cost-saving goal, output on track

摘要

Barcelona—Spain’s Repsol raised its costsavings target for the year Thursday after better than expected results from spending cuts in response to lower oil prices helped it almost double its adjusted profits for the third quarter. The company said it is above its target in terms of asset disposals and synergies and raised its cost-savings target for the year by Eur300 million to Eur1.4 billion ($1.55 billion). Repsol also said it expects to end 2016 with upstream production in line with its targets, while downstream margins could remain flat in 2017 despite a current spike.