Repsol's Q1 aided by harsh winter weather, higher output

Repsol (REPYY, REPYF) posts a 27% Y/Y rise in Q1 net income to €807M ($1.1B) while adjusted net income grew only 1.5% to €532M.

Security concerns kept Repsol's profitable Libyan operations closed for about half of the quarter, which contributed to lower overall output of 5% to 342K boe/day and prompted a 27% decline in profit at the upstream division.

The weakness was offset by a 28% profit gain in the downstream refining and petrochemicals business.

Repsol says 21K boe/day of new production during Q1 helped partially offset the temporary production loss in Libya and Trinidad & Tobago.

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