Spanish oil company Repsol reports drop in income

MADRID – Spanish energy company Repsol says its net income fell to 610 million euros ($730 million) in the first quarter of this year, down from 689 million euros in the same period of 2017.

Repsol S.A. noted Friday that its earnings in the first quarter of last year benefited from recording an exceptional oil price rise on its inventories.

It said its adjusted net income, which excludes inventory effects, hit 616 million euros in the January-March period of this year. That compares with adjusted net income of 570 million in the equivalent period in 2017.

The company increased its hydrocarbon production to 727,000 barrels of oil equivalent per day, the highest since 2012.

In early trading Friday on the Madrid stock exchange, Repsol shares were 0.2 per cent higher at 15.93 euros.