Madrid, October 31 - Neftegaz.RU. Spanish Repsol recorded an increase in its profit for the Q3 of 2018 driven by improvement in its upstream business. Repsol said that its operating income for the Q3 increased to € 934 million from €653 million in the same period last year.
Repsol’s adjusted net income increased to €588 million in this year’s third quarter from €528 million in the last year’s quarter. The oil company’s net income rose to €625 million from €527 million last year. In the upstream division, Repsol’s adjusted net income was €220 million, an increase from 3Q 2017.
The production during the quarter reached an average of 691,000 barrels of oil equivalent per day, owing to increased production from Libya, the acquisition of interest in the Visund field located offshore Norway and higher production coming from new projects.
In the 1st 9 months of the year Repsol posted net income of €2.171 billion, an increase of 37% over the same period of the previous year and a net income of €1.583 billion. According to the company, this was the highest 9 month result in the last decade. Adjusted net income, which specifically measures the performance of the company’s businesses, increased by 11% to €1.720 billion.
Repsol increased its hydrocarbon production in the 1st 9 months of 2018 by 4% in comparison with the same period in 2017 to an average of 713,000 barrels of oil equivalent per day. This growth was supported by the startup of projects in Trinidad & Tobago, the UK, Algeria, Peru and Malaysia.
The Upstream unit earned €1.015 billion, twice the result obtained between January and September of last year, as a result of implemented efficiency measures, higher volumes and rising international prices.