The group reported an adjusted net income of €345m for Q2 16, up 11% yoy, perfectly in line with the market’s expectations. In the upstream division, adjusted net income was €46m vs a loss of €48m a year ago, mainly due to lower exploration expenses, higher volumes thanks to acquired assets and a positive tax effect from the appreciation of local currencies. Production averaged 697kbpd, up 33% yoy. The ramp-up from Cardon IV in Venezuela and Sapinhoa in Brazil, plus Gudru
28 Jul 2016
First view: in line with the consensus, better cost cutting, resilient Refining
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First view: in line with the consensus, better cost cutting, resilient Refining
The group reported an adjusted net income of €345m for Q2 16, up 11% yoy, perfectly in line with the market’s expectations. In the upstream division, adjusted net income was €46m vs a loss of €48m a year ago, mainly due to lower exploration expenses, higher volumes thanks to acquired assets and a positive tax effect from the appreciation of local currencies. Production averaged 697kbpd, up 33% yoy. The ramp-up from Cardon IV in Venezuela and Sapinhoa in Brazil, plus Gudru