Increased output boosts profit at Spain's Repsol

AP News
Posted: May 09, 2013 4:20 AM

MADRID (AP) — Spanish oil and gas company Repsol says its first quarter net profit rose 1.6 percent thanks to increased production and better refining margins.

The company said Thursday net profit for the first the three months was 631 million euros ($828 million), from 621 million euros a year earlier. Last year's figure included earnings from YPF, its former Argentine unit that was expropriated and nationalized.

Excluding that unit, profit rose to 634 million euros from 458 million euros.

Production of oil, gas and other hydrocarbons increased by 11.4 percent to the equivalent of 360,300 barrels of oil per day.

The company said its refining margins in Spain increased by 30 percent to $3.9 a barrel.

Repsol's shares were up 1 percent to 18.39 euros in morning trading in Madrid.