Increased output boosts profit at Spain's Repsol

MADRID (AP) - Spanish oil and gas company Repsol says its first quarter net profit rose 1.6 percent thanks to increased production and better refining margins.

The company said Thursday net profit for the first the three months was 631 million euros ($828 million), from 621 million euros a year earlier. Last year's figure included earnings from YPF, its former Argentine unit that was expropriated and nationalized.

Excluding that unit, profit rose to 634 million euros from 458 million euros.

Production of oil, gas and other hydrocarbons increased by 11.4 percent to the equivalent of 360,300 barrels of oil per day.

The company said its refining margins in Spain increased by 30 percent to $3.9 a barrel.

Repsol's shares were up 1 percent to 18.39 euros in morning trading in Madrid.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Don't Flush It
    The city says some Seattleites are doing a crappy job of keeping stuff out of the sewer

  • 'Beaten Down'
    A federal jury hears arguments in a Bellevue police retaliation lawsuit

  • Questioning Competence
    A County Councilmember has changed his tune and is now unsure of Metro Transit's 'candor'
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.