Spanish energy company Repsol says Q3 profits down on Libya outage

MADRID – Spanish energy company Repsol says its third-quarter net profits fell by 48 per cent because of production interruptions in Libya and narrower refining margins.

Repsol S.A. said Thursday its current cost of supplies, or CCS, net income from July through September dropped to 356 million euros ($481 million) from 679 million euros for the same period a year ago.

Besides outages in Libya for security reasons, lower refining margins also lowered the company profits with the margin in Spain down to $2.6 per barrel from $6.4 a barrel a year ago.

The company said that CCS net profit for the first nine months fell 17 per cent to 1.41 billion euros compared with the same period in 2012.

Repsol shares were down by 1.7 per cent at 19.43 euros in early trading in Madrid.