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Repsol profits up on higher oil prices, production

Published on February 28, 2018

Spain's oil giant Repsol said Wednesday that rising oil prices and increased output -- as the group resumed activity in Libya -- helped boost its bottom-line in 2017.

Repsol said in a statement that net profit rose 22 percent to 2.1 billion euros ($2.6 billion) last year, the highest in six years, even if the figure fell short of analysts’ expectations.

A general increase in production and “the slight recovery of crude oil and gas prices beginning in June” contributed to the rise, the statement said

Its upstream division of exploration and production saw adjusted net profit increase 12-fold to 632 million euros, as production was resumed in Libya, following a stoppage there for most of 2016 due to unrest.

The group also made a major onshore oil find in Alaska, which will yield an estimated 1.2 billion barrels of light crude.

The other big discovery took place in Trinidad and Tobago, where Repsol uncovered its largest gas volume in five years.

Meanwhile its downstream division, which includes refining and trading, posted adjusted net profit of 1.877 billion euros, a slight dip from 2016.