2023-04-27 15:57:52 ET
Repsol ( OTCQX:REPYF ) ( OTCQX:REPYY ) reported Thursday its Q1 EBITDA fell 20% to €2.7B from the year-earlier quarter, as lower oil and gas prices weighed on sales.
Q1 net profit fell to €1.11B (~$1.23B) from €1.39B a year earlier while sales slid to €15.3B from €17.25B, as crude oil prices fell by an average of 20%.
Q1 adjusted net profit improved to €1.89B from €1.06B and exceeded €1.51B analyst consensus estimate, based on data provided by the company.
Q1 total production rose 8.8% Y/Y to average 608K boe/day.
The Spanish company said the sale of a 25% stake in its oil and gas exploration division helped cut its net debt to €880M at the end of Q1 from €2.26B at the end of last year.
For Repsol ( OTCQX:REPYF ) ( OTCQX:REPYY ), "the setup remains compelling into 2023," JP Research writes in an analysis published on Seeking Alpha .
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Repsol's Q1 net profit slumps on lower energy prices