Spanish energy giant Repsol's net income increased by 59 percent to €689 million in the first quarter of 2017 compared to the same period last year, the company announced Thursday.
The company's adjusted net income was €630 million, compared with €572 million in the first quarter of 2016, according to the company's press release.
In February 2017, the Spanish company had announced a net income of €1.736 billion for 2016, the highest seen in the last four years.
During the first quarter this year, the international indices for gas and crude oil prices averaged $53.70 per barrel in the case of Brent, and $3.30 per million British thermal unit (MBtu) for Henry Hub.
Repsol's Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased to €1.8 billion, 80 percent greater than in the same quarter last year.
According to the company's press release, the upstream area strongly contributed to the adjusted net income.
Repsol's adjusted net income in the upstream area reached €224 million, an increase of €207 million from the €17 million registered in the first quarter of 2016, the press release revealed.
The company's average production increased for the quarter to 693,400 barrels of oil equivalent per day, the press release said.
In terms of exploration activity in March, Repsol announced the largest conventional hydrocarbon discovery on U.S. soil in the last 30 years, in the North Slope borough of Alaska. It is estimated that the contingent resources of the area where the discovery was made, known as Nanushuk, will total approximately 1.2 billion recoverable barrels of light crude oil.
Repsol is an integrated oil and global energy company with upstream and downstream operations around the world. The company carries out its activities in more than 50 countries.
€1 = $1.09
By Muhsin Baris Tiryakioglu