European majors see numbers soar

Repsol and Statoil on Thursday posted their financial results for the first quarter of the year, with both entities reporting an increase in earnings.

Spain’s Repsol saw its net income grow by almost 60% year-on-year to EUR 689 million. In similar fashion to Shell, Repsol too saw its earnings from upstream operations take a leap.

Income grew from EUR 17 million over the first three months of 2016 to EUR 224 million for the past quarter. That said, total production fell by 3% to 693,000 boepd. A higher crude oil realisation prices – USD 30.3 per barrel vs. USD 49.4 per barrel – more than compensated for the decline in output.

Repsol was further able to achieve a 30% reduction in net debt to EUR 8.345 billion.

Statoil’s adjusted earnings for the first quarter of the year came out at USD 3.313 billion. After tax, it recorded USD 1.114 billion, posting increases of USD 857 million and USD 122 million, respectively.

Equity production was up as well, with the company hitting an average of 2.146 million boepd.

“Our solid financial result and strong cash flow across all segments was driven by higher prices, good operational performance and an organic production growth of 5%,” President and CEO Eldar Sætre said in a press release.