Repsol SA reported earnings that beat analyst estimates after posting a surprise profit from exploration and production and higher income from refining and chemicals. The shares jumped the most in three weeks.
Adjusted net income dropped to 572 million euros ($657 million) in the first quarter from 928 million euros a year earlier, exceeding the average 261 million-euro estimate of 11 analysts surveyed by Bloomberg. The E&P division made a 17 million-euro profit, compared with estimates for a 195 million-euro loss.
The upstream results reflect lower exploration costs, higher production volumes, favorable exchange rates and savings from an “intense” efficiency program, the Madrid-based oil producer said Thursday in a statement. That program boosted cash by more than 100 million euros during the quarter.