Lower oil prices dent Repsol profits in Q1
May 7, 2015, 1:00 AM
MADRID (AP) — Spanish energy company Repsol says its first-quarter profit fell by 6 percent compared with the same period last year following a sharp drop in oil prices and interruptions in Libyan production.
Repsol S.A. said Thursday that its net profit for January through March was 761 million euros ($851 million), down from the 807 million euros made in the first three months of 2014.
Excluding one-off items and after adjusting the value of oil stocks in the wake of lower oil prices, Repsol’s profit was up at 928 million euros against 532 million euros last year.
Like other oil companies, Repsol’s earnings have suffered from the near-halving in oil prices since last June.
Repsol shares were down 2.4 percent to 17.9 euros in early morning trading in Madrid.
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