Spain’s Repsol reports highest H1 profit in 10 years

MADRID – Spanish energy company Repsol reports that its net income in the first half of this year was 1.55 billion euros ($1.8 billion) — a 46 per cent increase on the same period last year and the highest profit posted during the period in the last decade.

Repsol S.A. said in an earnings report Thursday that adjusted net income, which excludes inventory effects, was up 12 per cent at 1.13 billion euros.

Hydrocarbon production rose 6 per cent, reaching an average of 724 thousand barrels of oil equivalent per day.

Earnings from exploration and production increased by 91 per cent due to efficiency measures and rising international prices.

In early trading Thursday on the Madrid stock exchange, Repsol shares were down 1.9 per cent at 16.44 euros.