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Reuters - Repsol adjusted net profit jumps 44 percent in second quarter


Petroleumworld 07 28 2017

Spanish oil major Repsol on Thursday posted a 43.8 percent jump in second-quarter adjusted net profit, beating analysts' forecast, thanks to recovering oil prices and lower financial costs as it kept cutting debt.

Average recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) came in at 496 million euros ($581.8 million) in the April-June period compared to the 422 million euros expected in a Reuters poll of analysts.

The upstream division was up 150 percent year on year as crude oil prices recovered while the downstream division benefited from an economic recovery in Spain and net debt fell to 7.48 billion euros at end-June from 8.35 billion euros three months earlier, substantially reducing financial costs.

$1 = 0.8526 euros

Reporting by Julien Toyer and Jose Elias Rodriguez; Editing by Paul Day from Reuters.

07 27 2017

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