Repsol Edges Back To Net Profit In Third Quarter But Cuts Spending Further

MADRID: Spanish oil and gas group Repsol reported a 7 million euro ($8.27 million) adjusted net profit for the third quarter on Thursday as crude prices recovered, edging back into positive territory after a deep loss in the second quarter.

While much better than an average analyst forecast provided by the company of a 15 million euro loss, profit was still 515 million euros lower than in the same period a year earlier, highlighting the scale of demand destruction wrought by the COVID-19 pandemic.