09 May 2013 17:25 [Source: ICIS news]
LONDON (ICIS)--Repsol’s 2013 first-quarter downstream operating income more than doubled to €173m ($228m), measured at current cost of supply, the Spanish energy major said on Thursday.
The company cited increased efficiencies in the company’s refining system.
Repsol said that investments made to improve its Cartagena and Bilbao refineries yielded wider refining margins and higher distillation volumes. Refining utilisation rates increased to 79.8%, up by 14.2 percentage points from the 2012 first quarter.
Repsol’s chemicals business benefitted from an improved international outlook and higher margins, adding €35m to the unit’s operating income, compared with the year-earlier quarter, the company said.
Overall, Repsol’s Q1 2013 net income rose by 1.6% year on year to €631m.
"These earnings, at current cost of supply, are especially significant as the year-earlier quarter included earnings from [Argentina’s oil and gas firm] YPF," the company said.
Argentina’s government last year expropriated Repsol’s stake in YPF, alleging that Repsol had not invested enough to develop new energy resources.
($1 = €0.76)
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