Repsol Beats Estimates on Surprise Profit From E&P Business
- Results reflect lower exploration costs, efficiency savings
- Earnings also boosted by profit from chemicals and refining
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Repsol SA reported earnings that beat analyst estimates after posting a surprise profit from exploration and production and higher income from refining and chemicals. The shares jumped the most in three weeks.
Adjusted net income dropped to 572 million euros ($657 million) in the first quarter from 928 million euros a year earlier, exceeding the average 261 million-euro estimate of 11 analysts surveyed by Bloomberg. The E&P division made a 17 million-euro profit, compared with estimates for a 195 million-euro loss.