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UPDATE 1-Repsol profit leaps on refining and crude price gains
November 3, 2017 / 8:40 AM / a month ago

UPDATE 1-Repsol profit leaps on refining and crude price gains

(Adds details, opening share price)

MADRID, Nov 3 (Reuters) - Spanish oil major Repsol posted close to a 90 percent jump in third-quarter adjusted net profit after higher oil prices boosted its production division while its refining arm remained highly profitable.

Repsol’s performance echoed that of European competitors Shell, Total and BP, which all reported stronger quarterly profit on the back of the recovery in crude prices.

Average recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) came in at 576 million euros ($671 million) in the July-September period, compared with a 553 million euro consensus in a Reuters poll of analysts.

Third-quarter production reached 695,000 barrels per day (bpd), versus 671,000 bpd in the same period of 2016 while the refining margin was $7 a barrel, up from $5.10 a year ago.

Net debt fell to 6.97 billion euros at Sept. 30, from 7.48 billion euros three months earlier, and is on track for the year-end target of less than 7 billion euros.

At the market open, Repsol shares edged up by 0.4 percent to 16.21 euros. ($1 = 0.8580 euros) (Reporting by Jose Elias Rodriguez; Editing by David Goodman)

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