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Repsol adjusted Q2 income rises YOY but misses estimates


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Repsol adjusted Q2 income rises YOY but misses estimates

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.