Repsol (OTCQX:REPYF, OTCQX:REPYY) says Q1 net profit rose 8% Y/Y to €616M ($737.6M), compared with €570M in the year-ago quarter and in line with €615M analyst consensus estimate, as higher Brent oil prices and increased production offset lower refining margins.
Repsol says Q1 production rose 5% Y/Y to 727K boe/day from 693K boe/day, but refining margin fell to $6.60/bbl from $7.10/bbl in the year-earlier quarter.
CFO Miguel Martinez says Repsol is in talks with Vietnam authorities to seek compensation for the suspension of an oil drilling project in the South China Sea.
The Red Emperor project offshore Vietnam has estimated potential recovery of ~45M barrels of crude oil, 172B cf of natural gas and 2.3M barrels of condensate.
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