Spain's Repsol Expands Net Profit in 2018

Repsol’s net profit grew 10% year on year to €2.34bn ($2.66bn) in 2018, the Spanish oil and gas company announced February 28.

The result was the best in eight years. The company also noted a 7.5% year -on-year increase in fourth quarter earnings, crediting higher oil and gas prices, increased production and lower exploration costs.

The Spanish firm said the results show that its ongoing strategic plan, which focuses on the development of new businesses connected to the energy transition and of gas assets, is on track. New projects in Algeria, Trinidad and Tobago, Britain, Peru and Malaysia started up during 2018.

That helped the upstream unit to double its 2017 earnings to reach €1.325bn in 2018. Hydrocarbon production increased by 3% to 715,000 BOE/day. The connection of new wells in the US and acquisition of Visund in Norway added to the gains.

The downstream unit’s net profit totalled €1.6bn, driven by improved performance in marketing, LPG, and trading & gas.