Spanish energy company Repsol said Thursday a strategy to navigate the recent market downturn paid off with its highest net income in four years.
The Spanish energy company is one of the larger European refiners and said its adjusted net profit for 2016 was up 3.8 percent to $2.03 billion.
"In 2016, Repsol reported the highest net income in the last four years due to the strength and flexibility shown by its business units," a company statement read.
The company reported a net loss of $2.26 billion for fourth quarter 2015, just as crude oil prices were targeting historic lows. Assets held by Talisman, a Canadian company acquired by Repsol, at the time posted a smaller loss. Plans to trim about 6 percent of its total payroll over the next few years were disclosed in late 2015.
Crude oil prices hit historic lows in early 2016 as strains of an over-supplied market peaked. Even then, the company boasted that it's reserves and production had increased significantly.
On reserves, the company said it held about 2.4 billion barrels of oil equivalents last year.
"These reserves and projects already underway guarantee average production of 700,000 barrels per day through 2020, which will be maintained through 2025 by other discoveries already made and whose development will start in the next two years," it stated.
On the refining said, the company said it maintained its position as a leader in Europe. Total crude oil sales, meanwhile, increased only marginally from 2015, while the amount of oil it processed last year was somewhat lower than the previous year.
On the climate front, the company said it was faithful to its commitments as an energy company to the objectives of the Paris climate agreement.
FAR makes further progress offshore Senegal
Drilling of a fifth appraisal well into what may become one of the more promising basins off the West African coast is completed, FAR Ltd. announced.
FAR is said its SNE-5 appraisal well reached the total depth necessary to sample its target.
"To date, the operations have been completed safely and ahead of schedule," the company stated.
FAR has nearly 3,000 square miles of … read more
