Repsol’s Q1 profit tumbles by a third but better than expected

Spain's Repsol said that first-quarter profit fell by a third - though that was less than expected - hurt by lower gas prices and a weaker performance from its refining and trading businesses.

Quarterly adjusted profit fell to 1.27 billion euros ($1.4 billion), ahead of a company-provided average forecast from analysts of 1.19 billion euros.

In February, Repsol outlined a plan to push ahead with diversifying into renewables from its traditional oil and gas core business.

Like other big oil companies, it has pledged record returns despite a steep decline in profit from all-time highs in 2022, when oil and gas prices soared following Russia's invasion of Ukraine.

Chief Executive Josu Jon Imaz said in a statement that the first quarter's results showed the company's three-year plan is solid.

Its upstream division saw adjusted profit decline 6.8%, also hurt by the sale of its Canadian assets.

In its industrial division, adjusted profit plunged 43% after refining margins returned to more normal levels compared to extremely high levels in the same quarter a year earlier.