Repsol Earnings Miss Estimates After Crude Oil Prices Tumble
- Exploration and production unit reports loss on crude's slump
- Income from refining and marketing triples on higher margins
This article is for subscribers only.
Repsol SA reported a 62 percent decline in third-quarter earnings as lower crude prices countered improved refining performance. The shares slumped the most in two weeks.
Adjusted net income fell to 159 million euros ($171 million) from 415 million euros a year earlier, Spain’s largest oil company said Thursday. That missed the average 201.6 million-euro estimate of 18 analysts surveyed by Bloomberg. It reported a net loss of 221 million euros after taking charges at units including gas and power.