MADRID – Repsol said on Wednesday that its third-quarter net profit rose 19 percent, supported by its upstream business.
Net profit at the Spanish energy company was 625 million euros ($710 million) compared with 527 million euros a year earlier, while adjusted net profit rose 11 percent to 588 million euros. Analysts had expected adjusted net profit of 596 million euros, according to a company-compiled consensus.
The company attributed the improvement to higher oil and gas prices and lower amortization rates at its upstream business. In downstream, adjusted net profit fell due partly to a challenging environment in chemicals and refining, Repsol said.
The company said its debt at the end of the quarter stood at 2.30 billion euros, falling 402 million euros from the end of the second quarter.
“Strong cash flow generation from operating activities more than covered investments, dividends, interest and the share-buyback program during the period,” the company said.
Operating profit rose to 934 million euros from 653 million euros a year earlier, Repsol said.