May 5, 2020 / 6:10 AM / 24 days ago

Sagging oil price shrinks Q1 profit 28% for Spain's Repsol

May 5 (Reuters) - Spain’s Repsol reported a 28% fall in first-quarter profit on Tuesday, becoming the latest in a string of oil and gas firms to reveal deep damage done to their balance sheets by the new coronavirus laying waste to energy demand.

Oil prices fell 65% in the period as restrictions on movement to halt the spread of the virus paralysed industry and travel, erasing appetite for fuel which was further cheapened by a price war between top producers Saudi Arabia and Russia.

Adjusted net profit came in at 447 million euros ($487.5 million), much higher than an estimate of 330 million euros based on analyst forecasts compiled by the company.

$1 = 0.9168 euros Reporting by Isla Binnie, Editing by Inti Landauro

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below