Repsol reports positive downstream results for Q1

Repsol posted an adjusted net income of 572 million euros in the first quarter of 2016, improving the previsions made by experts.

According to the Spanish energy giant, the measures implemented to increase efficiency and savings in recent months has achieved positive results despite low oil prices. Both the upstream and downstream business units saw improved results compared with the first three months of 2015.

Adjusted net income in the downstream business unit was 556 million euros, a 4% increase over the same period in 2015, with an especially outstanding performance from the chemicals business.

Sales of oil products increased 3.7% to a total of 11.125 million tons, mainly due to the growth of diesel sales in Europe, particularly in Spain, Italy, and Portugal.

In the first quarter of last year Repsol reported a net income of 928 million, which included exceptional earnings of 500 million euros due mostly to the company’s dollar position after receiving funds for the expropriation of YPF. The cash was subsequently used for the acquisition of Talisman.