Repsol reported its Q4 40% above expectations on an adjusted basis. Net income came in at €698m compared to €500m expected. The upstream division reported a gain for the first time since the Talisman acquisition but the surprise come from the Refining division which didn’t suffer like the other oil majors. Higher volumes in Refining, higher margins in Chemicals and higher results in the Commercial businesses were partially offset by lower results in Trading and Gas & Power
23 Feb 2017
First view : above expectations on downstream
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First view : above expectations on downstream
Repsol reported its Q4 40% above expectations on an adjusted basis. Net income came in at €698m compared to €500m expected. The upstream division reported a gain for the first time since the Talisman acquisition but the surprise come from the Refining division which didn’t suffer like the other oil majors. Higher volumes in Refining, higher margins in Chemicals and higher results in the Commercial businesses were partially offset by lower results in Trading and Gas & Power