Spanish oil producer Repsol SA's second-quarter adjusted net income rose year over year but missed analyst estimates after lower margins and sales hit its downstream unit's chemicals business.

Adjusted net income came in at €549 million in the quarter that ended June, up 23.4% from €445 million in the same period last year. The S&P Capital IQ final estimate was €586.25 million.

Repsol's net income, including inventory effect and special items, surged to €936 million, up 155% year over year from €367 million.

Upstream's total production stood at 722,000 barrels of oil equivalent per day, up from 677,000. Upstream's adjusted net income rose to €360 million, up 213% from €115 million.

Downstream's adjusted net income fell 21.4% to €337 million from €429 million. Oil product sales edged 0.9% higher to 13.12 million tonnes from 13.01 million tonnes, while petrochemical product sales fell 10.1% to 625,000 tonnes from 695,000 tonnes.

Repsol said maintenance activities at its Sines cracker, lower refining margins in Peru and currency depreciation also impacted its downstream result.

EBITDA rose 58.8% to €2.01 billion for the quarter from €1.26 billion in the prior-year period.

Year-to-date, Repsol's adjusted net income rose 11.5% to €1.13 billion from €1.02 billion in the same period in 2017.