Repsol profits down 44 percent in Q2 - August 09, 2015

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2015

Vol. 20, No. 32

Week of August 09, 2015

Repsol profits down 44 percent in Q2

Spanish energy company Repsol says its second-quarter profit fell by 44 percent compared with the same period last year following a sharp drop in oil prices and given that 2014 profits had been boosted by a one-off capital gain.

Repsol S.A. said July 30 that its net profit for April through June was 292 million euros ($322 million), compared to 520 million euros for the same period in 2014 when it made strong gains on extricating itself from Argentina’s YPF, which was nationalized in 2012.

Like other oil companies, Repsol said its earnings have suffered from the nearly 50 percent drop in oil prices over the past year.

Repsol shares were down 1.31 percent to 15.8 euros in early morning trading in Madrid.

- Associated Press

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