- Repsol (OTCQX:REPYF, OTCQX:REPYY) says Q4 net profit fell to €538M ($658M) from €616M in the year-earlier period, but adjusted net profit of €703M beat analyst consensus expectations of €560M.
- Repsol says Q4 EBITA rose to €2.01B from €1.67B a year ago and expects FY 2018 EBITDA of ~€7B at current cost of supply.
- The company says adjusted net profit from its E&P business increased due to higher oil and natural gas prices, resumption of production in Libya and lower operating costs, although refining, marketing and distribution services faced a more challenging environment due to higher costs and increased competition.
- Separately, Repsol has asked BofA Merrill Lynch to value its energy portfolio in the North Sea as it considers leaving a joint venture with China’s Sinopec, Reuters reports.