Repsol stayed in the green in Q3 thanks to high oil prices

Repsol stayed in the green in Q3 thanks to high oil prices
Repsol stayed in the green in Q3 thanks to high oil prices

The Spanish oil group Repsol announced that it achieved a net profit of almost 2 billion euros in the first nine months of the year, higher than the level prior to the pandemic, thanks to oil prices afp_tickers

This content was published on October 28, 2021 – 08:06

28 October 2021 – 08:06

(AFP)

The Spanish oil group Repsol announced on Thursday that it achieved a net profit of almost 2 billion euros (2.322 billion dollars) in the first nine months of the year, higher than the level prior to the pandemic, thanks to oil prices.

The increase in prices had already allowed Repsol to make profits in the first two quarters of the year, after suffering losses of 3.3 billion euros (3.83 billion dollars) in 2020 due to the effects of the Covid-19 pandemic.

In the third quarter, the trend continued. Thus, the group achieved a net result of 1,939 million euros (2,250 million dollars) between January and September, an increase of 32% compared to the same period in 2019.

Adjusted net profit, an indicator that does not take into account the value of inventories, and therefore more faithful to the level of activity of the company, stood at 1,582 million euros (1,837 million dollars). A figure close to its prepandemic level (1,640 million euros or 1,904 million dollars).

“Repsol’s businesses have solidly recovered their path of results prior to the pandemic,” the company congratulated itself in a statement, which said it had been able to take full advantage of “international benchmark raw material prices.”

The price of oil has progressed in recent months, supported by the prospects for an exit from the crisis. The average price of a barrel reached 69.2 dollars in the third quarter of the year, compared to 38.3 dollars a year earlier.

According to Repsol, all the group’s activities benefit from this situation. Its Exploration and Production area achieved a result of 1,063 million euros (1,234 million dollars), while Industry, which includes refining, reached 339 million euros (393 million dollars).

 
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