AFP, Madrid :
Spanish energy giant Repsol said Thursday that its net profit grew 10 percent to 2.34 billion euros last year thanks in part to a rise in oil prices.
The group said it was its best result in eight years.
In a statement, the company said it had taken “full advantage of improved oil prices – Brent was 32 percent higher than in 2017 – although they remained far from their historic highs.”
As such, the result in its upstream unit, which covers exploration and production, lept 110 percent to 1.3 billion euros.
But its downstream unit, which includes refining, dropped from 1.88 billion euros in 2017 to 1.58 billion euros last year.
Overall, oil and gas production increased three percent to 715,000 barrels of oil equivalent a day thanks to new projects in Algeria, Trinidad and Tobago, the United Kingdom, Malaysia and Peru.
Repsol shares fell 0.92 percent to 15.01 euros in morning trading in Madrid, in an overall market that was down 0.55 percent.
Spanish energy giant Repsol said Thursday that its net profit grew 10 percent to 2.34 billion euros last year thanks in part to a rise in oil prices.
The group said it was its best result in eight years.
In a statement, the company said it had taken “full advantage of improved oil prices – Brent was 32 percent higher than in 2017 – although they remained far from their historic highs.”
As such, the result in its upstream unit, which covers exploration and production, lept 110 percent to 1.3 billion euros.
But its downstream unit, which includes refining, dropped from 1.88 billion euros in 2017 to 1.58 billion euros last year.
Overall, oil and gas production increased three percent to 715,000 barrels of oil equivalent a day thanks to new projects in Algeria, Trinidad and Tobago, the United Kingdom, Malaysia and Peru.
Repsol shares fell 0.92 percent to 15.01 euros in morning trading in Madrid, in an overall market that was down 0.55 percent.
