Spain’s Repsol downstream Q3 operating profit jumps 47%

08 November 2012 08:39  [Source: ICIS news]

SINGAPORE (ICIS)--Repsol’s downstream adjusted current cost of supply (CCS) operating income in the third quarter 2012 rose by 46.9% year on year to €307m ($394m) on the back of wider refining margins, the Spanish energy major said on Thursday.

The downstream segment’s earnings were also boosted by higher production volumes of distillates, it said.

The segment’s oil product sales rose by 13.1% year on year to 11.1m tonnes in the third quarter, but petrochemical product sales fell by 19.8% to 538,000 tonnes.

For the nine-month period ended September this year, Repsol’s downstream adjusted CCS operating income fell by 6.8% year on year to €594m.

The company’s overall adjusted net income on a CCS basis for the July-September period rose by 89% year on year to €496m, boosted by higher output from Bolivia and Libya as well as refining margins.

($1 = €0.78)

By: Nurluqman Suratman

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