Repsol’s Q2 adjusted profit beats expectations

(Reuters) – Spanish oil company Repsol (REP.MC) said on Thursday that its adjusted profit fell sharply in the second quarter, dragged by lower energy prices, but came in above analysts’ expectations.

The adjusted profit for the period was 827 million euros ($917.4 million), down from 2.16 billion euros a year earlier, when oil and gas prices, as well as refining margins, were much higher.

Analysts had expected an adjusted profit of 706 million euros, according to a consensus forecast provided by the company.

Net profit declined to 308 million euros from 1.15 billion euros in the same quarter last year.

($1 = 0.9015 euros)

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