REPYY Repsol SA (QX)

By Jessica Sier

Repsol SA said Tuesday that profits fell in the first quarter due to a steep drop in oil prices and the widespread economic damage caused by the coronavirus.

Net profit in the period was 487 million euros ($532 million) down from EUR608 million a year earlier, the Spanish energy company said.

On an adjusted basis, profit fell 28% to EUR447 million from EUR618 million, the company said. Analysts had forecast adjusted net profit at EUR330 million, according to a consensus provided by the company.

Earnings before interest, tax, depreciation and amortization for the quarter stood at EUR349 million down from EUR1.81 billion the year-earlier quarter.

Repsol said upstream production in the first quarter reached an average of 710,000 barrels of oil equivalent a day. Adjusted income in upstream fell to EUR90 million.

In response to coronavirus, Repsol has adopted a cost-reduction plan aiming to reduce operating expenses by more than EUR350 million and investments by over EUR1 billion, the company said. Repsol will also optimize working capital of nearly EUR800 million.

Repsol said it will maintain shareholder remuneration of EUR1 a share in 2020 and will pay out EUR0.55 a share in July, subject to approval at the annual general meeting on Friday.

Write to Jessica Sier at jessica.sier@wsj.com

(END) Dow Jones Newswires

May 05, 2020 03:10 ET (07:10 GMT)

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