Repsol Rises After Earnings Beat Estimates, Maintains Dividend
- Spanish major’s net debt at end-2020 won’t be higher than 2019
- Net income fell 28%, but the drop is less than some rivals’
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Repsol SA’s first-quarter profit fell 28% as oil prices began their unprecedented decline, but it beat analysts’ estimates and shares rose.
Earnings from the Spanish energy producer, like those of its peers, reflect what’s proving to be a historic moment for the industry. Crude’s collapse has forced companies to make drastic cuts in spending and, in some cases, slash shareholder payouts. Still, Repsol has performed better than some of its rivals.